The moderation of the posts are tied to the feedback module itself  - if you click on the sub menu on the feedback form you should see a moderate posts menu item. I have had users create a secondary page (new tab) and set it to be the link of the page when you click on moderate posts and this works too.

Right now there isn't the ability to edit the posts - the original concept of the feedback module was to get feedback so there wasn't the ability to edit posts after they'd been submitted. Currently the entire module is undergoing a re-write (to support custom fields, etc) and I can see adding the ability to edit posts as one of the features down the road.

Sanjay