I think this is the NSC position outlined pretty accurately, and you can fully understand where Bozza/mods are coming from.
The one thing I would say, that this is missing, is that you it would be really good if one or more of the mods knew a bit more about libel.
The obvious reason for saying that is if you don't, you always 'play safe' and everything, even important stuff that might be the right side of the line, never sees the light of day and you get a very sanitised debate. If NSC had been around at the time of Belotti and Archer, this approach would have meant virtually none of the criticisms and concerns would have been aired.
It is not a criticism, just something to think about because the same is true of critical threads concerning the club, we don't want to get rid of everything that upsets Paul Barber, but we don't want genuine law suits. It's a balancing act.
You make an excellent observation; one that is discussed from time to time in mod towers. We too don't want too sanitised a debate on NSC, especially when it comes to criticising the club. Not all threads that criticise the club are moderated aggressively (in fact, few are). For example, I doubt PB is best pleased with the recent threads/polls taking the piss about the language and sentiments expressed in this week's club pronouncements, and, to my knowledge, there has been no thought about moderating them.
Where it's trickier is where individuals at the club are pilloried (e.g. the whole Gus saga), and where there are active/recent Court cases where Court Orders are in place (e.g. Ched Evans).
It is exactly a balancing act, as you say, and in the absence of a Libel QC in the mod ranks, it's hard to see us taking too many risks. There's always Twitter!