Limit moderation to new users first post or two sure, but it would be much nicer to build a community without needing comments to wait in a moderation queue for every topic, reply, etc.
Of course, block spam or users with inappropriate topics or language as needed when it is a problem...
I like the idea. I will look into the logistics. In the mean time, I will be sure to release posts within 24 hours, and typically within a few hours.