For example, making not-particularly-important grammar tweaks to this question in order to make the homepage, briefly, have questions concerning red, white and blue at the top?
I'd say that you're taking your life into your hands with this one. As long as the edits are genuinely improving the questions, you're free and clear. The fact that they happen to spell out a word is really neither here nor there.
If, on the other hand your edits are frivolous (which may be something of a temptation if you're trying to get that last letter into place before someone mucks it up) then I would be minded to offer a warning or even consider a small suspension given that you've abused your privileges as a high rep user.
Note also that using the edit queue to spell out a rude word would be viewed very poorly.