Ok, so maybe I missed the boat, but I always think its so hard to get the cursor to go back to a specific place to delete/insert one letter. So today I realized that if you just smoothly slide the cursor back quite aways before where you want to do the editing and then quickly slide it back the other direction to get your finger far away the "blue box", it lags behind and keeps the distance. So now you can control the box from far away and see where it is actually pinpointing.
Another useful piece of old news that a patient and helpful CB member recently taught me is that if you hit the !?123 key and then backspace it deletes the highlighted character instead of backspacing.