Going for a highlighting simpler solution, I would use a Vim custom syntax highlighting rule so that, for example, text marked like this:
~~ text ~~
is displayed in a different color (eg. a darker text color if you have a dark background, or as dark reversed colors). Which would be, in vimrc:
au BufRead,BufNewFile *.txt syntax match StrikeoutMatch /\~\~.*\~\~/
hi def StrikeoutColor ctermbg=darkblue ctermfg=black guibg=darkblue guifg=blue
hi link StrikeoutMatch StrikeoutColor
(where the au command is used to apply the rule to filetype .txt files only)