Now that the reputation requirements increased to the higher Stack Overflow limits, (and maybe it's been this way for a while now), even fewer users are able to edit posts and vote to close, which I believe are important parts of managing our community, especially considering how difficult it is to gain reputation. Do you think it would be a good idea for us to request that the limits be set lower again, so that more people can have these important privileges? What are the pros and cons that I haven't thought of? Is it even possible for us to request the limits to be lowered?
No, that is not possible (well, at least not advisable).
Read through this blog post: When Will My Site Graduate?… particularly the bottom portion about not adjusting the reputation levels for new sites. "If the site is going to graduate, it needs to graduate."
There might have been an argument that Game Development wasn't ready to graduate, but you're a fully-fledged site now. There's no going back. The solution to your problem is to become more involved in the site and vote, vote, vote!