We consider the problem of encoding a string of length $n$ from an integer alphabet of size $σ$ so that access and substring equality queries (that is, determining the equality of any two substrings) can be answered efficiently. Any uniquely-decodable encoding supporting access must take $n\logσ+ Θ(\log (n\logσ))$ bits. We describe a new data structure matching this lower bound when $σ\leq n^{O(1)}$ while supporting both queries in optimal $O(1)$ time. Furthermore, we show that the string can be overwritten in-place with this structure. The redundancy of $Θ(\log n)$ bits and the constant query time break exponentially a lower bound that is known to hold in the read-only model. Using our new string representation, we obtain the first in-place subquadratic (indeed, even sublinear in some cases) algorithms for several string-processing problems in the restore model: the input string is rewritable and must be restored before the computation terminates. In particular, we describe the first in-place subquadratic Monte Carlo solutions to the sparse suffix sorting, sparse LCP array construction, and suffix selection problems. With the sole exception of suffix selection, our algorithms are also the first running in sublinear time for small enough sets of input suffixes. Combining these solutions, we obtain the first sublinear-time Monte Carlo algorithm for building the sparse suffix tree in compact space. We also show how to derandomize our algorithms using small space. This leads to the first Las Vegas in-place algorithm computing the full LCP array in $O(n\log n)$ time and to the first Las Vegas in-place algorithms solving the sparse suffix sorting and sparse LCP array construction problems in $O(n^{1.5}\sqrt{\log σ})$ time. Running times of these Las Vegas algorithms hold in the worst case with high probability.