The link for redacting PII (or whatever) from a post is available on the revision history page of a post. That's a sensible spot to put it, but it's a bit out of reach if the post does not yet have any edits made.
We can of course force the URL (i.e. visit
/posts/####/revisions), but that can be cumbersome. You could also create an edit then make the redaction, but that just adds unnecessary noise.
There are userscripts that add the link to revision history and I understand why it's not available by default, but could we have a link inserted into the post mod actions menu? Or as Robert suggests, a redact option in the menu?
If an edit is needed to implement a redaction, then it should be a simple matter for the system create that edit when it knows what the moderator wants to remove. Add a 'redact' function to the 'mod' menu and make it a ONE edit-and-redact operation.