Your decision is definitely very interesting, Jonne. I'm looking forward to see what it will lead to.
So generally you are going to hire wageworkers to compensate the lack of really strong anticheat. Such people won't neither be mere players anymore, nor administrators. They will kinda take part in administrating, but they won't anyhow determine the direction of server development, which might be disappointing after a long time of moderation. Besides, the limits of mods' authority are very unclear too. You stated that the hackers will be the only rulebreakers under their jurisdiction. But what's about spammers? Or, even better example, advertisers? As far as I understand the conception, mod also won't be able to do anything with lvl 2+. But what if a VIP is clearly rulebreaking? I understand you that you want to keep all of the potential personal issues away, but would you ever hire a person whose personal issues can cloud his better judgement? I don't think so.
Second, will you give mods any IRC extended permissions? The smartest advertisers go there and spam from Echo.
So, summing up: if you trust person enough to grant him rights to ban anyone, why don't you trust him enough to discharge other everyday ingame admin duties? Where does the borderline lay?
Well, I've explained my pessimistic theoretical concerns above. In fact, I am almost sure everything's gonna be fine and smooth on practice.
The obvious benefits are that hackers will be dealt with accurately and quickly, a lot quicker than it used to be, which would repeatedly improve everyones' gaming experience.
P.S. As for me, you should keep an analog of former moderator status if you're gonna invite anyone to your team (I mean, to admin's place), even if he has been a moderator of a new kind previously. The 'trial period' is very important in this case, it both helps you to understand if he's capable of holding admin duties (which should be absolutely different from moderator experience), how a person interacts with other members of staff team, and if he nicely fits in your team. I'm judging from my own experience, so that's just my subjective view.