There's a lovely program at the University of Missouri: the MA in Journalism (Editing).

You get to spend two years two years learning about research methods, the history of mass media, advanced newspaper design and editing... and editing along the way.

It sounds like bundles of fun to me. Bundles and bundles. But,
1. It costs money. (Or, at least, prevents me from paying loans off so quickly.)
2. I wouldn't get out until I was... 26.
3. Do I really want the hectic life and late hours of a newsroom editor?
4. If the answer to 3 is no but I want to teach college journalism, am I willing to go to school until I'm... 29 or so?

I don't know...

I guess maybe the smart thing to do would be to prepare this fall as if I did want to apply in the winter. If I get in (it is very competitive, but in my vanity getting admitted is a concern at the very bottom of the list), and if I will not be actually adding to my loans... then maybe we'll think some more.