I’m prepared to apply early action; however, believe I may also benefit from more time spent proofreading and revising my essays. Apart from that, my grades, test scores, etc. are all squared away. Would applying early action give me more of an edge than spending more time refining my essays and applying regular decision?
Yes. I think that about 70% of admissions of first-year students are done out of the EA pool.
Regarding the extra work on your essays, remember that “perfect is the enemy of good.” So in my opinion, give it your best shot and then push the “Submit” button by October 15.