Hi Joel,
I would suggest that you create an applet with a toolbar, tool and a form.
On the form put a listbox or a combobox.
From the onClick event of the button SHOW the form.
On the PageSetActive event run your script:
dim n, layerCount, myControl
n = 1
set layerCount = Map.Layers.Count
myControl = Application.Applets("yourApplet").Forms("FORM1").Pages("PAGE1").Controls("JoelsControl")
While n <= layerCount
myControl.AddItem Map.Layers(n).name, Map.Layers(n).name
n = n + 1
Wend
As you are working only with points:
On the PageValidate event make sure you are selecting a value from the control and set editLayer = myControl.value
On the form ok event make map.layers(editLayer).editable = true
See how that goes and let me know where you get to.
Cheers,
Gareth