Elections are always-ongoing affairs, they never stop.
This seems absolutely, horrifically, terrible. Under such a system, no leader will ever lead, instead, a leader will grandstand constantly. You'll end up with moderators that spend all day, every day, playing a popularity contest.
Why do you need a "leader that leads" for a subreddit?
As for grandstanding, that may well be the case if that's what the membership wants - in which case I would argue that it is precisely what they should get. But also, does it really matter if you can just opt out from moderators you don't like?
Elections are always-ongoing affairs, they never stop.
This seems absolutely, horrifically, terrible. Under such a system, no leader will ever lead, instead, a leader will grandstand constantly. You'll end up with moderators that spend all day, every day, playing a popularity contest.