if they take the role on they should obviously take the application of whatever rules are in place very seriously, and I believe that applies to their own posting.
They should. That doesn't mean they will always succeed. It is virtually impossible to view one's own posts objectively - that's partially why we have multiple moderators. If one of them fails to obey the rules, there are others to put him back in order. A moderator breaking a rule now and then is no grounds to immediately demand to demod them - that would only be reasonable if their
moderation was at fault.
They are still human beings, and they are still allowed the same amount of grace as anyone else. Applying a stricter standard to them would likely violate and restrict their freedom of expression. They shouldn't need to worry about breaking rules any more (nor any less) than anyone else here.
possibly creating a moderator's code of conduct?
One
already exists and is being enforced. I feel it's fair as it is, and point 5 covers this situation. The same rules apply equivalently to all members. This means you, me, jroa, even Baby Jesus. Mods are expected to follow rules and will be disciplined if they fail, just like anyone else. Not more, not less.
Does that mean that mods and/or admins should be excluded from the Zetetic Council so as to prevent a conflict of interest in this regard?
Yes, we
already said admins will not take council seats, by our own decision. The fact that people are still nominating us is, well, their own issue.