24/7 coverage of report handling is next to impossible with volunteers and I don't know if this group has the budget to pay moderators. But in my experience as an admin on another website it is sufficient to take appropriate action within 24 hours.
A flagging system can be helpful, but no action should be taken without a review by the team. Proxy blocking could help too, but doesn't prevent abuse completely. That's only part of the solution at most.
I believe that a properly trained and supervised taskforce of volunteers is the best approach, because that way you aren't limited by budget to hire enough people to keep up with the work.
I've applied too, but I assume their focus is still on the development rather than management. They'll be accepting help soon enough when the community continues to grow.