I had the same issue, and it could have been solved easily if we were able to specify the base url using the document_base_url.
Alternatively, I was able to specify the base url before initializing tinymce.
tinyMCE.baseURL = "URL_TO/tinymce/jscripts/tiny_mce/";// trailing slash important
tinyMCE.init({
mode : "textareas",
theme : "simple"
});
TinyMCE is working fine now.