xenforo already does that with threads and posts. by default they are designed to be soft-deleted. you have to manually select permanent delete to get rid of them. the one big problem iirc is when you delete a node from backend. there is no failsafe there. you have to be sure that the node you are deleting has no content that you want to save.
soft deleted posts and threads stay in database permanently. they can be checked and restored at any time. i personally liked how ips used to handle it (not sure what they do now). anything deleted was sent to a trash can like you mentioned and it got deleted permanently after around 30 days or so? but i am fine with how xenforo handle things. i take a database backup before making any major change or deleting a node or category. i just wished, xenforo had a way to get rid of soft-deleted posts. there is a way to get rid of soft-deleted threads using batch update feature in backend. but for posts, you have to use an addon like the one andy has.
basically, just take a quick backup of the database before doing anything that you think is a big change to forum's structure.