Showing a login link depends on the forum style you use, if I remember correctly. Try changing your forum style to see if the login link shows up. Also, make sure your login link isn't hidden off to the right. Sometimes, your forum is wider than the screen resolution of your browser (not as common as it used to be, but it is possible).
I would be careful allowing editing. If your forum doensn't have a troll problem, then go for it, but sometimes, a person can edit their words to make it look like the person replying is the problem. You can set user options on your admin page through the Access Control section for each forum in your list. This is how I would do it to allow user editing (of their own posts only):
Anyone: Either no access or read only (not a great idea to have a completely open forum)
Anyone with a Network54 login: Post, Post HTML, Post Moderated or Revise (Revise is the editing option).
Any Usergroups you may have: Set higher permissions than normal users.
You: Full Control (cannot change, and why would you want to?)
Blcoked IPs: No access.
Do not give anyone Edit/Delete permissions unless you absolutely trust them beyond a doubt (only Group members have this option anyway)
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