Sorry, my personal opinion is that there is no conflict of interest. I always see mods as members first and frankly, my guess is that most of the thousands of members who will vote in this years elections will see them as members as well - many not even aware they are a moderator. In fact, we (I) decided to not included that information in any of the candidate registration. The fact that mods seem to get elected to the TalkBoard might bear out that the general population of FlyerTalk is quite pleased and thankful of the efforts of the mods, though we do not know if a majority of voters are aware of the volunteer roles they also contribute to FlyerTalk.
As noted, the topic has been discussed with the group before and a majority indicated that the time involved was not a discouraging factor to have both positions.
Bottom line: Let the members decide. If members think there is a potential conflict of interest, then they can choose to not vote for those candicates. Less government......
Personal opinion only.