All the Stack Exchange sites seem to have moderator elections except for Area 51, even though it's older and has higher traffic than some SE sites. Are there going to be A51 moderator elections? Are there even any A51 privileges that 10K users don't have that diamond mods do?
The community dynamics of Area 51 are about to change significantly. The Area 51 oversight will become simultaneously both easier and more difficult to maintain. So there are no specific plans for how moderation will pan out; certainly not until we acclimate to the new needs of that community.
Right now, the administrators (employees) are the only moderators present in Area 51. There have been no plans to elect Area 51-specific moderators, yet. If need arises, it probably makes more sense to extend the capabilities of the existing Stack Exchange moderators into their Area 51 Categories (much like extending moderators privileges into chat). The benefit is that they already have domain knowledge in the Category of proposals they would be monitoring.