If you visit http://www.davidgagne.net/ you’ll see a period – . – before each link to an entry’s comments. That period is a link to the editing window for that particular entry. As long as I am logged in to MovableType, I can click on that link and immediately begin editing the post. Here’s the link to add to your main index template:

<a target=”_blank” title=”admin” onmouseover=”window.status=’edit this entry’; return true;” onmouseout=”window.status=’ ‘; return true;” href=”<$MTCGIPath$>mt.cgi?__mode=view &_type=entry&id=<$MTEntryID$> &blog_id=<$MTBlogID$>”>.</a>

Note that you should use &amp; instead of & to make sure your page is (x)html compliant.