I vote no steam on the Wool-Ease. I haven't used the thick and quick, just the regular but I suspect it is the same yarn, just thicker. Killing it is not that hard to do, and then it will be limp. I thought I would shrink a Wool-Ease hat a little once (my thinking: a little wool a little shrink
) so I washed it very hot and it got limp and even bigger than it was to start with. I wouldn't suggest steam.
Some blocking may flatten the edges and your idea would be good, but I'd suggest you just spray it until damp with cool or warm water and let it dry. That will probably flatten it a little, will even out your stitches slightly too.