If your current command works, simply rewrite it as a function:
edit() { $EDITOR <(sed -e "s/\x1B\[[0-9;]*[JKmsu]//g" < "$1"); }; edit
However, the better approach is to create a script that does what you want to do and invoke that. This allows other programs to invoke the editor without passing it through a shell, which not all of them do.