In order to have editable text, you will also need to have any fonts used in your designs available on your system. In most cases this will involve an additional purchase of a license to use that font - it's for that reason that fonts are converted to outlines before final files are uploaded. I would recommend making sure that your logo is perfect rather than tweaking it yourself afterwards. Hope that helps!.
While LT insists that fonts are outlined, you can request that the winning designer send you alternate file types by email. Husk is right about licences, but that usually is not a big problem.
Here are some hints for getting the most out of your contest:
~~ Rank designs daily -- this will encourage more participation. ~~ Ranking designs daily will also keep your contest from getting cluttered. ~~ The more feedback you provide, the better results you are going to see. ~~ Designers are not offended by "Not Interested" ~~ Over-use of "Not Interested" discourages participation. ~~ Ranking is a non-monitary means of showing apprecaition for designers hard work. ~~ Designers earn points for ranked designs. We like to earn points.