I suggest putting all members over a certain number of posts who aren't currently banned (150 posts?), into a new user group which means they can post without needing to have stuff approved, members wouldn't need to have journal entries approved and going by what I've read on here that could take up to three days.
Then create another user group which means everyone who signs up has to have their posts approved by a moderator before they show up. This would stop the spam problem Paul Smeenus is referring to. Would also provide more work for the mods

. Win-win imo.