Interesting. Although adding Explorer context menus has pros and cons.
Very useful, but if you have a lot of tools installed that add context items, it can be a laggy way to do anything.
However as that experience will be very individual for everyone, I am not saying I think it is a bad idea at all.
Specifically regarding an edit option,
looking at another tool for recording I see they have gone about it in a way that I can't make up my mind if I like.
Their solution is an edit button in the GUI. First time you click on it, it prompts you to point it at your chosen tool.
From then on it just opens the tool.
It has a convenience but I prefer if it was all done in a prefs panel.
An edit file option could be anywhere, even just a file menu item.
I just figure that as an activity you are sending the current file to an editor, so it seems a natural bedfellow to go in with the other send to options.
That would also allow for sending a track that is not the current track, and sending multiple files.