Can the creator of a project edit/delete others' comments?

As the creator of a project, I plan to invite quite a few people (students) to post comments (notes to their fellow students); however, I would like to be able to monitor the comments for appropriateness. Would I be able to edit or delete others’ comments?

I believe you are able to as an admin.
If you’re planning on inviting quite a few students, I would recommend creating a few additional admins to help you monitor the comments.

No, there is no way to do that.