When an article is submitted, there's no "official" or locked version. It can keep changing during the whole process, and you're right that people can mess with it in that time. But it really won't be a problem. It's a very low-traffic article, so there's not a lot of vandalism. If we ever do get to a point where we nominate it to be featured, you can bet I (and others) will be watching it very closely (almost obsessively, for me at least!).
Other than that, it sounds like you get the gist of it!
Other than that, it sounds like you get the gist of it!