No.
Although this version is better because it allows the user to see the post, it still can give the author the ability to censor what the reader can read. Most readers won't bother clicking on the Reveal all button, so it's mostly the same as your previous proposal.

I don't understand the reason why this is even needed. The observed quality of any post is never changed if spammers comment under it. No one cares. Only if the commenter has a valid point against the contents of the post(by for example revealing plagiarism), he can change the observed quality. And in that case we shouldn't help the author of the post to mute the comment, as he is the one who did something wrong and deserves less payout.