I disagree on both points. It is not a misquote since it is entirely the words Emerson actually wrote, as he wrote them. It is out of context since there are words nearby ("context") that were not included.
I guess we understand the phrase "out of context" differently then and have to disagree. I would never use it for leaving out a single adjective, and haven't heard it used that way. I have only heard it used when entire clauses or sentences are omitted.
I note that wikipedia seems to agree with my interpretation. From Fallacy of Quoting Out of Context (emphasis mine):
...The practice of quoting out of context, sometimes referred to as "contextomy" or "quote mining", is a logical fallacy and type of false attribution in which a pa
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