Title says it all...I can't seem to figure out how to make ESM files. I need one for my mod. Badly.

Right-click the plugin in Wyre Smash, then click ESMify, then rename the file extension from *.esp to *.esm

Thank you very much good sir.

Edit: Also, is there a Tes5Edit in the works? Or anything of the equivalent?

You're welcome.

Tes5Edit is being worked on, but no release date yet. IMO, SkyEdit is very useful, and TESsnip, too, obviously, though it's got a different interface.