The option to hide the moderators column from regular members and visitors can be found under the 'Feature Configuration' in your admin section. Note that you can not hide the column from admins and moderators.
This is a viable option although it may require a bit of tweaking with any colspan's on the default.asp page. Find the following lines of code and just trash them:
if (strShowModerators = "1") or (mlev = 4 or mlev = 3) then Response.Write " <td align=""center"" bgcolor=""" & strHeadCellColor & """ nowrap valign=""top""><b><font face=""" & strDefaultFontFace & """ size=""" & strDefaultFontSize & """ color=""" & strHeadFontColor & """>Moderator(s)</font></b></td>" & vbNewline end if
if (strShowModerators = "1") or (mlev = 4 or mlev = 3) then Response.Write " <td bgcolor=""" & strForumCellColor & """ align=""left"" valign=""top""><font face=""" & strDefaultFontFace & """ color=""" & strForumFontColor & """ size=""" & strFooterFontSize & """><span class=""spnMessageText"">" & listForumModerators(ForumID) & "</span></font></td>" & vbNewline end if NOTE: Do not FORGET Your Colspans....otherwise you will be like AWWWW What happened! LOL