Not sure there is anything to gain here. Moderation is inherently subjective, especially at the scale of Twitter. The same people would just continue arguing about what should and should not be moderated and how.
Transparency would be helpful. At the very least it would cut off the speculation about what did or didn't behind the scenes. Right now it's a black box.
Both filtration(moderation) and sortation(the algorithm) should be handled exactly as Adblock handles it. People can create any list that they want, and people can choose to either subscribe to those lists or not, and can at anytime decide to see what it would look like if they were not.