I would be ok with that as long as the original is kept whole and visible. That would make the edit a correction, and a separate post. Deletions I would also not really want, although an "ignore me" flag might be useful. That way someone could regret a post and flag something as "ignore" and clients who had the setting to ignore posts with those flags wouldn't show them. But I still consider it important that people take responsibility for what they post and be held accountable for it.
Discussion
Yeah, I like this approach.
One can edit or delete, but it should be shown up in the end result. Like highlighted or overstriked text, not just leaving no marks behind. Viewers should get the idea that the note has been altered and have option to view the original version (hint for devs).
When I am following myself in Fediverse, the first version is relayed to Nostr, but I haven't seen the corrected version yet, which is quite ok.
Deletes are tricky because not all relays honor the request. Because of this, we always joke that you can't delete, because there's a high chance that your deleted note still exists somewhere out there.