I'm sure this has been suggested, but I think adding an edit post option would make things easier. Doing so could leave a notification under the user's comment. The only ones being allowed to edit would be the user, any specified user, and any admin and mod. And edit's can be undone -- it's just a suggestion :P.
I say any specified user for the case that a non-mod and non-admin user who is running a thread can edit a competitors post.
