No. There is just the inventory, in which any folder can be used to store an "outfit" (i.e. wearable items), and from which you can wear any additional item fancying you, wherever they are located in your inventory. You might even have noticed that the "Outfits" folder is considered a non-system folder by the Cool VL Viewer, just like any other user-created folder (you may even delete the Outfits folder): that's because there was no such folder in v1 viewers and all long-term SLers already had their outfits stored elsewhere (in my inventory, I got an "Avatars" folder for such a purpose since, more than simple outfits, it stores full avatar setups, with different bodies/body parts for each).
There is however a "Worn" tab, in which you can find all items currently worn on your avatar, wherever they are located in your inventory.
Having anything separated from the inventory feels equally weird for long-term SLers used to the v1 UI viewers... Your only alternative is to adapt, or go back to a v3-UI viewer, because such a fundamental UI ensemble as the inventory will *never ever* be changed in the Cool VL Viewer to the v2+ viewer's look and feel...
Not sure what you are speaking about, here... Still about the inventory ? If so, then the "Edit" option has always been there (in the context menu that pops-up on right clicks) for worn "wearables" (body parts and clothing items).
Such an "Edit" option was also added in this morning's releases for the worn attachments (i.e. objects attached on one of your avatar's joints); however, for attachments, the "normal v1 UI way" to edit them is simply to right click on the object itself (i.e. in-world, *not* in the inventory) and choose "Edit" from the pie menu: this is faster since you don't even need to open the inventory floater and can edit attached objects in just two clicks of the mouse !
If you mean editing your avatar's wearables as a whole, simply right-click on your avatar and choose "Appearance" from the pie menu (or use the main menu: "Edit" -> "Appearance..."): all *wearables* (not attachments) can be edited from there.
There never was such an option in v1 viewers, because it's totally unneeded... Just drag the items from your inventory onto the recipient avatar, or open the profile of the latter (e.g. from your friends list, the search tab for people, or via the name links in chat and IM floaters, which open the profile when clicked), then drag and drop the items from your inventory to the "Give" drop zone, at the bottom of the profile floater; you may even have several profiles open and drag and drop inventory items into their "Give" drop zone to "share with" several different avatars: faster and easier than with v2+ UI viewers...
Again, the Cool VL Viewer is a genuine v1-UI viewer: things work differently than with v2+ viewers, but they work with less clicks, less fuss (i.e. you get a better productivity with the v1 UI), less memory and CPU usage, thus why the Cool VL Viewer is less "heavy" on your PC.