In first sight you will not see  PasswordChar property in ToolStripTextBox.
If you want Password char in ToolStripTextBox and To allow ToolStripTextBox to act as Password textbox like * do following

ToolStripTextBox1.TextBox.PasswordChar = '*';

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Usually ToolStripTextBox.Focus() doesn't focus to ToolStripTextBox when opening form or on form load.
To set focus on ToolStripTextBox when opening form or form load, do following

In FOrm1_Activated event

        private void Form1_Activated(object sender, EventArgs e)
        {
            ToolStripTextBox1.Focus();
        }

Or

on Form1_Load event

this.ActiveControl = ToolStripTextBox1.Control;