That’s not a bad idea. One need to think hard about moderation though. Y Combinator has at least one employee who moderates HN. That’s quite expensive.
Moderation can be solved without hiring people, but it’s not a trivial problem to solve.
For a project i am working on, I've thought about egalitarian-based moderation (i.e people vote on moderation decisions, there is no specific 'moderators'). It could prevent admin abuse and make it so that you don't need to hire mods.