Hi Amarnadh,
You can achieve dynamic toolbar for each tab in fpm by using section toolbar,which is placed in the selection of tabbed uibb. So on the selection of each tab you can hide/unhide or enable/disable those button by using API for changing the toolbar button io_ovp->change_toolbar_button.
For passing the data from FPM to iFRAME. you can use webdynpro application parameter to pass the data into your iFrame webdynpro component and then append your parameter into your iFrame source URL and button action code also.
Thanks
Praveen Gupta