Why on earth am I being called upon to approve an edit by, of all people, ЯegDwight?
I urge the powers that be to review this post and confer a diamond upon our Onlie Begetter.
Reg only needs about 300 more points in order to attain editing privileges. While I understand your incredulity, I think that making him a moderator would be a bit of an overcorrection.
If you wanted to game the system, I suppose you could put a 300-point bounty on a question he's answered, and then award him the bounty – but that would just that: gaming the system.
Methinks Reg has been around long enough to know how things work, and that he's willing to be patient until he amasses his 1000 points to edit here. In the meantime, you should just consider it an honor to be able to approve one of his edits; that's something not everyone gets to do.
Since he doesn't have the reputation required to edit every post, he needs to suggest edits. Making a user moderator is not a way to allow the user to edit any post. In fact, a moderator's task is not limited to editing other user's posts, although it can happen a moderator edits a post; editing posts is not even the main task of a moderator, who acts as a normal user with the permission of editing any post, when editing a post. (This means that a moderator's edit can be reversed; the fact the edit is done from a moderator doesn't make it not changeable.)
There are already three pro-temp moderators; if one of the current moderators doesn't want to be a moderator anymore, then he will be replaced. Until then, there will not be any other appointed moderators. Elections will be opened when the site needs more moderators; that normally happens after the first election.
Being moderator in one site doesn't automatically make a user moderator in another site, except in the case of Meta Stack Overflow, or the meta site linked to the main site.