Your suggestion might be something that already exists.
It sounds to me about like a club.
The club owner is the admin, so decides who can join, making it 'members only'.
There is a private forum within that club, and the admin/owner is also the moderator.
If the owner chooses not to moderate, then there is no moderation.
(I don't think the site moderation program is involved in any way with the club forums.)
Note: I have never created a club so am just guessing about how membership and forum moderation works. Maybe an actual club owner can clarify how club management works.
@chessturdsaid A members only forum with no moderation.
It would be beautiful.
(Gets credit card ready 😉)
Create your own club and admit only paid subscribers.
State that no moderation will be applied (other than robomod of course).
Use PMs to personally invite any poster you like in the public forums.
Announce the club's existence and purpose in the General Forum to pick up anyone you've overlooked.
You should end up with exactly what you wish for. Be careful what you .......