if it's a short word to fix, I usually just double tap it, which selects it, then type it again since typing at that point replaces the selected text. For a longer word, I just find the place just after the typo and backspace it. I'm not sure I understand how a typo could "require" both a backspace and a delete, though, since you can always place the insertion point after the typo. Can you give an example?