What about following version?
Please note that you can always comment on your own posts, and on answers to your questions. However, commenting on other people's posts (except listed above) is a privilege gained from earning reputation [...]
Abuse of edit and review privileges are handled slightly differently by the system.
Edits will notify the poster if they are substantial, giving the poster a chance to review it. They also bump the post to the home page, so it's less likely to fly completely under the radar.
There's also a rollback war flag automatically raised to mods that can help mods ...
I would propose a slightly modified version of Qwertiy's
Please note that you can always comment on your own posts, and on answers to your questions. However, commenting on any other posts is a privilege gained from earning reputation [...]
I'm not sure what the benefit would be of adding this much complexity in giving out new privileges for users that already are on the right track. Specially for suggested edits that already comes with a reputation bonus of +2 for each approved edit (up to 1000 rep in total).
If I look at your proposed parameters on Stack Overflow 452 users would gain the ...
There's few explicit mechanisms - the clever thing about the way things are designed is folks eventually learn the ropes and do learn to do things the right way.
In this case there are certain mechanisms in place that probably are going to throttle how fast you can get reputation.
You have a fixed sized suggested edit queue and can't have more than five ...
There is already a privilege at that step of the ladder, however I happened to consult the help page of a site where this privilege is hidden. The privilege is "reduce ads". By nature, it applies only to sites with advertising enabled.
This has been implemented (a long time ago, I guess - this Wayback Machine snapshot from 2013 already sports it). The page now says
How do I propose or vote on tag synonyms?
Users with this privilege and a total answer score (total upvotes minus total downvotes) of 5 or more on the tag, can suggest tag synonyms. Users with a total answer score of 5 ...