We investigate how the entanglement properties of a two-mode state can be improved by performing a coherent superposition operation tâ + râ † of photon subtraction and addition, proposed by Lee and Nha [Phys. Rev. A 82, 053812 (2010)], on each mode. We show that the degree of entanglement, the EPR-type correlation, and the performance of quantum teleportation can be all enhanced for the output state when the coherent operation is applied to a two-mode squeezed state. The effects of the coherent operation are more prominent than those of the mere photon subtraction a and the additionâ † particularly in the small squeezing regime, whereas the optimal operation becomes the photon subtraction (case of r = 0) in the large-squeezing regime.