Hi, @james_wenzell Welcome to the Canvas Community and to Canvas. (Thanks for the tag, ishar-uw. )
Jim, I've changed the format of your post to a discussion from a question, as it seems likely that the prompt won't elicit a single correct answer but rather an ongoing conversation with suggestions, because there are many ways of doing this.
I used to teach humanities courses that included weekly assignments requiring students to write 250-300 word responses to the prompt they chose from three options. I provided considerable feedback on their submissions (I did all that in Turnitin's GradeMark) but didn't give them a revision opportunity for the short essays; rather, I asked them to take the feedback and apply it to subsequent weeks' activities.
The course also included two required long-form essays, and for those I did give students a revision option. The way I did that was to have them upload a draft to an assignment that would not count toward the final grade that was designated for that purpose, and I used DocViewer to annotate their drafts with my feedback. They then used that feedback to submit to a second assignment, and I assessed that one using GradeMark.
I stress that this was an option I offered to students. In other words, students who wanted to benefit from my feedback before writing their final essay could take advantage of the zero-point assignment; students who wanted to wait until the last minute before the final essay was due would be assessed on what they submitted.