Without even reading anyone else's posts, I can already say that this is not a very good idea.

1.) You guys can say whatever you want, when ever you want, and you will always be heard. You don't need an election of some sort to do that.
2.) Moderator positions are filled from observation over time. It is more than obvious for the Admins to make decisions on who should get what positions. We see ALL.

It's just not necessary.