I'd rather think that the forums are splittable by the amount of traffic.
also, if there is moderator on either one of those who's willing to participate on other forum as co-moderator, it can be seen through that splitting.

this way also, if some moderator becomes de-active for 6 months and one of the moderators is willing to take the place, no voting is needed.

only limitation should be that no too much can be given to person, so same person can't moderate more than one high volume forum.

so, to reality, I think that moderator of faq, udf or beta can also moderate one of the same forums.

on superactive-extra-lasting members - like shawn or MCA - can be given more "duty" as they already kinda do that.

anyway, clustering the moderator part to have in every forum two moderators gives security against sadden die-off's or sleep-away's...
 
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