Sam, a coworker of mine was looking for the same functionality just yesterday. I asked around and got suggestions similar to what you've already received, but then I did some web searching and found this extension/add-on: GitHub - haoliangyu/ares: ArcMap Raster Edit Suite
I downloaded it and tested it on a GRID raster I had sitting around, it seemed to work for me. It has a very nice design to its toolbar too, the icons match up with the Esri icons!
Is this the functionality you were looking for?
I've just tried this but get the error "void startEditing()" when I try to start editing any rasters. I've converted to GRID and starting a regular edit session first but no joy. Did you come across any similar problems?
Incidentally I was only working with a small section of a relatively small raster and went with the raster to point option. Edited the points, then converted back to raster setting snap raster as the original. It worked for my purposes but the addin looks like it would make things much easier.
Hmmm...to my knowledge not with core software but I could be mistaken. I did find the ARIS GRID Editor for ArcMap at http://www.aris.nl/index.php?option=com_content&view=article&id=210:aris-grid-editor-for-arcmap&cati... that would do what you want. An option to consider...
Regards,
Robert
The latest version of ARIS Grid & Raster Editor for ArcMap (https://www.aris.nl/gridrastereditor_arcmap) will let you do a limited number of edits in an edit session for free during the trial period. These edits are saved instantly so you can really check out whether it suits your work.
In this tool many common drawing tools can be used on raster data like: pencil/freehand, line, polygon, paintcan, replace specific values, selection area.
Besides the ESRI GRID format now also many other raster formats are supported like BIL, BIP, BSQ, ENVI, Erdas IMG, FGDBR, (Geo)TIFF, ...