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If SN wants to be useful for longform posts, like blog posts and such, the twelve minute edit window really makes it difficult to use for that purpose.
If the rationale for the edit restriction is so that the replies remain relevant to the post (i.e., where I can't completely change the content such that the replies would refer to something the post might no longer include), then how about allowing appends? For example:

[18m] Oops, that was supposed read "10 minute" edit window, not "12 minute".

[6m] Update: And now this just happened, ... blah blah blah
Or make updating after 10m cost some extra sats... ;)
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There's a reason, I assume, why there's an edit window. Permitting that to be bypassed by paying a fee kind of eliminates the justification why it exists in the first place.
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It doesn't eliminate it any more than paying a speeding ticket eliminates the need for speed limits. The point is to deter unwanted behavior.
If you're taking someone to hospital it might be warranted to break the speed limit and you're comfortable paying for the speeding ticket (should you get one).
If there's a problem with fines/fees as a deterrence in general it's that wealthy people will be able to break the rules more.
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This way the wealthy people redistribute those sats to all other users, so that may be an interesting effect... (compared to a national government collecting fines, with sats all of this can happen directly, which is cool...)
It's definitely tricky to predict the actual behavior and it will be also changing over time as the community on SN grows and transforms.
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