As a fairly recently elected ELL Mod, and with this as my first ever Stack Exchange Moderator position, I'll add my perspective.
Also, please ask your own questions in the comments about what it's like being a new Mod here, and I'll either answer there or edit this post.
I ran last fall because then Moderator EddieKal asked me to, though I hadn't considered it before. I think I had 1.4k reputation then. At first I thought it was laughable, but when I seriously considered what I had to offer, I realized Eddie had a point, so I ran.
The workload is not heavy at all. These days, I drop in nearly every day, and spend usually only a minute or two on mod work, rarely more than 30 mins. Typically there's one or two quick flags to deal with. It takes longer if I have to write something, like a comment or a reply to a user's flag. If there's someone I have to suspend, I might take an hour or two to write and assemble that letter. Of course, I can easily spend hours visiting the review queues, but that's not mod-specific work.
When I started out here, I got a ton of support, mostly from my fellow ELL Mods, but also from the many other resources available to us. One is a chat room for all the SE Mods. There's always someone there ready to answer my questions not specific to ELL, and I almost always get a response within minutes. Another major resource is a whole secret SE Q&A site just for Mods. It's quite similar to a Meta site, but it's all about modding, so when I have a question that I expect has been asked before, I go there and find an answer along with lots of other aspects to the question I hadn't considered. A third resource is the SE staff that liaise with the Mods, called Community Managers. Every SE site has a team of CMs assigned to it who know the culture and history of the site, and work closely with Mods on just about anything. If I'm ever overwhelmed with a big decision specific to ELL, and the other Mods aren't available to get back to me, one of our site's CMs steps in. They're very focused on supporting Mods. So overall, even if you're fresh to SE modding like I was, you'll have a soft landing so long as you're ready to learn.
When I started, the other Mods purposefully left the easier flags unresolved so I'd have something to do, and to get the feel for things. Glorfindel and I will do the same for anyone who's elected. For the more challenging issues --like deciding whether to delete an account-- sometimes I asked for input using the various resources listed above, but mostly I dug into the site's policy docs and the various Meta sites for guidance and I was able to do it myself. This was also good because while doing that I learned a whole bunch of other things about our policies, history and community expectations, which made future decisions much easier.