If abuse is an issue, why not hash the IP with a nonce?
If you don't know the nonce, you can't match against other users-- so not useful for abuse.
But I'm skeptical re: abuse uses. For commenters, sure-- you may need to store IPs to combat abuse. But for readers? At most you would need sampled data or in-memory counters (e.g. to catch high volume bots).
Unfortunately, there really isn't any penalty for failing to minimize private data collection.
Plus the FBI could probably narrow their search to a few hundred thousand addresses (relevant ISPs, no unroutable/multicast/etc), then only use the list to confirm.
Finally, if it takes 120 years on one core, it'll take 1.4 months on 1000 cores. I'm willing to be the FBI has access to more computing power than I do. ~100 CPU years isn't a particularly daunting amount of computing work, even for fairly low stakes research.
That search would also decode all addresses in the logs, not just one targeted one...