My instinct is this is a really bad idea, but I'm having a hard time articulating why. Points are, in effect, money and I'd be wary of sharing control (and responsibility for) money with someone I've never met - which is true of everyone I've co-modded anything with. Given how fandom dramas occasionally escalate, I'm getting images of an acme bomb with a lit fuse, you know?

On the other hand, if it can be set up so only one mod of a community has responsibility for points - maybe with the owner-admin-mod setup that's been mooted - it might work. I can certainly see the potential good side, too.