I want a content editor to be able to create re-usable content, then have access to that content through the WYSIWYG editor when editing the node body or other text field. The idea is that the information gets used in multiple locations through the site, and they want to both cut down on copy/paste errors and only have to edit this information in one place.

The best analogy I can give here is, think of a hotel chain that has several properties each with it's own page, and they wish to have a table on each page that has the room description, occupancy, and price, and based on those parameters, they want to set the price for all properties listed on different pages at the same time. 

I'm thinking taxonomy is the simplest way to create re-usable content, so the question is, is there a module that allows simple selection/insertion of a taxonomy description directly into say a table that's being edited with the WYSIWYG editor?

There will be hundreds of items I believe, so the interface should ideally be as simple as possible (like a taxonomy reference autocomplete widget).