I think the best action for this problem is "DO NOT TAKE ANY ACTION".
The rationale for limiting the editing of own posts to a maximum of five in a day is to prevent rage-quitting and flooding the front page in order to attract votes. This is because our own edits do not have to go through a review process. (However, my understanding is that the system automatically generates flags for moderators and high-reputation-points users if a couple of own posts are edited in a short span of time - this should also apply for a couple of edits to posts done by 2000+ users in a short span of time to other user's post).
Since, edits by users having less than 2000 reputation points have to go through the process of revie. It's assumed that only good edits would ultimately be approved and others get rejected. This is what generally happens, barring a few!!
If we were to apply the suggestion of maximum of five pending suggestions at a given time - by @animuson, this would further worsen the situation. The users who suggest good edits would not be able to do so.
I would give my example, in my typical workflow - suppose I browse the site at a stretch of 30 mins, I come and watch a couple of questions/answers, I edit the ones if I can improve the post and move on. I can very easily exceed the limit of five. I can remember more than a few occasions when more than 8-10 edit suggestions of mine were pending in queue at a given time. Once I had 18-19 edit suggestions pending at a time on Ask Ubuntu!!! It can take 2-3 hours for an edit to be reviewed.
So, you review those one word improvements and reject the ones which should be rejected. You have played your part and give others the chance to take up further review of posts.
And the system automatically generates flags if it notices a couple of edits by a user in a short span of time. So, there already is a sort of flood detection system running.