This would be very helpful with current moderation issues. If we're already feeling behind with the current userbase, imagine how bad it could get with another migration.
I'll add more thoughts here as I have them:
You could change the wording on the report options to clarify when a report should go to the community mods (ex. "Does this break a community rule?"). Any other issues should probably go to the admins?
It might help to allow community / instance admins to modify this message.
While I don't think admins should be removing things that were reported to the community, they should be able to remove things outside of reports (even without being a mod). Sometimes spam might get reported to the mods, but the admins need to take action. Could the 'read only' view add a little warning before action is taken?
Also a different but related issue:
setting some default report options that automatically go to the admins. For example: "spam" or "NSFW". This could allow the admins to triage content, or set better automated tools. It's harder to do that with free form reports