Rails - Apr 2006 - Using "in_place_editor_options" for script.aculo.us options?

I was just learning about the "in_place_editor_field" tag when  
reading thru RAILs Recipes.
What is "in_place_editor_options" for???? I was hoping after reading  
the script.aculo.us documentation that I could do something like this.

   <%= in_place_editor_field :contact, column.name, {:tag =>
''div''},
{ :cancelText  => ''Never Mind...''} %>

Here is the documentation to the scrip.acul.us Ajax.InPlaceEditor.
Can someone tell me how to change some things while staying in my  
applications code and not hacking the core/:default javascript  
libraries?

http://wiki.script.aculo.us/scriptaculous/show/Ajax.InPlaceEditor


  - Thanks,
     Ken