Then you would be changing the moderation of the board into a popularity contest and do you know who would end up moderating the board here? People would vote for the posters with a cult following, not necessarily the best moderators.
I think the main flaw with your proposal is you have too much faith in the posters of MTF to actually vote in the people who would do a good job instead of just their buddies
Hmm, this is a good idea, maybe only the web masters and administrators vote, but at the same time it takes away all of the democracy, and the same people would be elected. Also, you need to take into account democracies today, the US Presidency was not a popularity contest, people voted Obama (I do not agree) because they though he had what it takes to be a president (Or on here moderate the web site.) MTF isn't an 8th Grade Class, it mainly consists of adults, I don't totally agree that it would be a popularity contest.