I have not found anyone who does among 300 or so moderated groups.

    To act as a moderator, you will need to have write access to most of
    the headers on outgoing news messages - and most on-line services
    will not allow a normal user to mangle those headers.

    If it were possible to access those headers, there are other issues:

    You would probably want to down-load all prospective messages,
    process them off-line, and then upload the resulting approved news
    postings and any e-mail responses (FAQs, rejections, etc.)

    If you want a short delay, and a short message turnaround time,
    you would be faced with repeating that process 4-6 times per day.

    Doing that in a menu-based environment could become tiresome quickly,

    I would not say it is impossible to act as an effective moderator in
    that sort of environment, but I would not try it.  I think it would
    very likely be easier in a less structured environment - such as a
    shell account.  Contrasting reports from anyone moderating an active
    newsgroup from an online service are welcome.

end of Moderated Newsgroups FAQ

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