Definitely not. We all know the wave of bullshit edits we'd get from trolls.
That's easy to avoid: keep an eye on RecentChanges, require that people register for Encyclopedia accounts to edit pages, and ban anyone who trashes anything.
All changes are stored anyway (you can check the revision history for every page back to the moment it was created), and we can also lock controversial pages for Encyclopedia admin/sysop editing only.
So there's really not a whole lot to be afraid of. The only question is whether or not you want to see a toolbar on the side with editing, history, talk page, etc. etc. options.