I want to expand on what Monica mentions about edits being fine for old questions. As contributors to the site, we mostly see and are exposed to the newest questions and answers, not necessarily the old ones. As a result, it's easy to forget or overlook their importance in growing our site.
Most of the traffic a healthy site receives is from search engines. That means the majority of people who read our posts are not our fellow users but instead are strangers who have never interacted with us. Most of these folks don't post but instead consume the information that has helped others solve their problems in hopes that it solves their own.
Thus, some of the older questions with the highest views may in fact be the most important ones for our site, and putting forth efforts to polish them helps us stand out as something more than just the forums, more than just random snapshots of the Internet at a specific moment in time.
As for how to retag posts and edit them, Monica said it well: Edits should be significant so as to avoid turning posts into community wiki or bumping them needlessly.