Yes, every mod for their own forum will have the ability to approve posts, from the control panel. The queue will be seperate foreach forum, based on status.
e.g. Senior Members would need approval in forum a, whereas only junior members would need approval in forum b, it doesn't matter.
Here's a pic of the edit forum:
And the actual approval screen:
It's not yet complete. I put in to pm the author if needed. The only thing left to do is to implement the actual edit queue, and to not display the individual post, if in approval process.