No.
I used to moderate a very large subreddit. Steemit lacks, but can add, tools that you need for effective moderation, though it'd take a while.
The problem is money. You'll have users who can say one cannot gain said value, or exercise their money-bought "rights." And said moderators will have to somehow resist acting on stuff that impacts them, and people will flock to them.
And if you elect them based on the voters' steem power, then you're not solving anything, because then the rich will appoint the people who are supposed to oversee them? Yeah, no.