I don't think the Head Mod position that Vick created (I.e. Ultimate power, no need for GM's, the only say on everything) should ever exist as a role thats appointed by a player from the playerbase. Its a recipe for disaster.
In a perfect world, with the perfect person, sure. But this isn't a perfect world, and there is no such person. Its just got too much potential for abuse.
Let the GM's deal with the bannings. Allow TNF to have temporary bans in timezones where the GM's aren't on, and they are to only be used as a last resort (not, say, kicking the enemy CV just to get a win like one of the purged mods was caught doing).
Get TNF to work for the community. Providing fleet events, events ingame, helping with testing, running forum competitions (say for more guides), helping with tech support, helping new players. Being positive, rather than ignoring the community. Get rid of the "mod benefits" (exp, items). Get people in there that want to help rather than those that want to ban others and those that want free items/exp.