Not sure if this is a good idea. I never heard anything good about wikipedia. BUT hearsay. But I am also very often on Stackoverflow. The rights to edit, why edit, how to edit... I very often have the feeling it is more of a pissing contest. Ok, you get valuable points for edits there, so it might not be 100% comparable. Nevertheless, the problem is editing other peoples posts is some kind of power. And some people get high on that kind of power. Is the 'getting blasted' you mentioned above really a problem? Does this happen somewhere back stage, where I don't see it? Because I really don't see it.... much.

If you do this, I propose something like Stackoverflow: Almost everybody can edit everything, BUT up to a certain reputation (karma) edits won't show automatically, but must go through a review of higher-karma members.