So recently I was in the "first posts" review queue in Arqade. One of the questions was bad. I would have edited it, except that the edit button was greyed out. Should I wait for it to be edited first then review it or should I click "No action needed" because it should be fixed?
I guess you can safely click "No action needed" - because, in this case, from the "editing" point of view, there's really nothing that you can do, unless you have 2k to approve this edit. (but remember that you can also comment for clarification or some guidance to new users; or maybe you feel like voting on this post or flagging)
If there would be a problem with acting this way on such posts in future (i.e. it would count as incorrect review later), you can post another meta question (maybe linking to this), saying that your action was completely appropriate - because it would be.