I like this idea, and I think it fixes problems similar to what twofoursixeight mentioned in the example of the GImkit Creative forms. However, I think it can also turn into a popularity contest which won’t produce good results. In the example of the Gimkit Creative forums, had a solution like this been implemented, the first few picks would have probably been good moderators, but past that the main canidates would have most likely not handled the position well.
While only allowing TL2 members to vote helps a bit, on the Gimkit forums (the only discourse forum I have experience with) many TL2s prefer popular people rather than good moderators. It can also turn into an issue if there becomes a lack of good canidates, as one canidate will win and they may not be a good fit.
If something like this were to be added, there (in my opinion) should be options to set how offten elections occur, or to run a one-time election. I don’t think this is something that’s despereately needed, but it could certaintly be useful. This should also definetely be disabled by default, everywhere.