This editing tool can be customized for your students needs. I use this sheet whenever we are editing a paper. Though some things are always present like spelling, I just pick the 8 mistakes I am seeing the most at the time.
It is not necessary to have student's sign up for clock times, but you may if you wish. I find it more efficient to have them trade, pick any available section to edit, leave their name on that section, and then pass it to anyone who hasn't worked on that paper. This is nice because they don't have to write on the student paper. The editor circles the line number that corresponds with the mistake they have found. For example: If they see a spelling error in line 3, they circle the number 3. (If they find more than one on the same line,I have them highlight that line number also.)
This is perfect for shorter writing essays like our state test which only allows 27 lines; but the lines go to 30 to accommodate other writing.