Binary_Coder I looked into it, and the way that they prevent featured projects from being edited is the frozen property for a project's /v3/channels/ url. Manually setting the frozen property to true, obviously, prevents you from editing it, but also shows a "Congratulations, your project is featured" message in the "My Projects" tab.
It makes me wonder if a featured project could be edited if you simply manually disabled the frozen property after it gets featured...