No, the moderator privileges are what they are, and cannot be changed. The most you can do beyond that is assign them (and their moderator status) to certain forums, as opposed to all forums.
Good news is that in 6.5 you'll have more control and can customize the permissions for each moderator. <img src="https://www.ubbcentral.com/boards/images/graemlins/smile.gif" alt="" />
Yay 6.5! <img src="https://www.ubbcentral.com/boards/images/graemlins/smile.gif" alt="" /> <img src="https://www.ubbcentral.com/boards/images/graemlins/cool.gif" alt="" />
I don't think moderators need access to modifying forums. In my opinion, their main purpose is moderating the content of the site (post) and keeping the rules set up for users.
In 6.5, you can assign/take away the following permissions: approve posts, open/close topics, keep/unkeep topics, move posts, edit posts, delete posts, stick/unstick topics, edit members (ban/unban, edit profile, send pw).
