This may be a stupid question but exactly where is the delete link? I see deleted comments, but I don't see a delete link or even a downvote button when comments are downvoted. Is there a karma threshold for these?

In which case, a "time out" is redundant if the goal is to simply avoid locking users out.

This system seems to skew discussion toward already popular / active topics, though, since there is less risk of being stuck pending there. Perhaps allowing for multiple pending comments per user (with a limit based on karma, or length of time on the site) would make it less "risky" to post comments in unpopular discussions.

The edit and delete links vanish not long after a post is made. I've never bothered to research the exact duration, but I believe it's no more than 24 hours.

Edit: After some observation, it appears to be two hours. I don't want to be pissy about this, but this is what I was worried about in my other comment--you seem to be making this drastic change with no little thought to how it will interact with the systems and behaviors already in place.