@DoubleAA while I don't anticipate this happening on Mi Yodeya, note that if a moderator needs to step down and the last election wasn't ancient, the next-highest-voted person might be asked to serve instead of holding a whole new election. This happens with some regularity on SO. It almost happened on The Workplace too; one of our moderators got hired by SE. (They ended up holding a new election in that case, but calling up the next person from the previous election was a possibility.)
Which is a long-winded way of saying: even though there's only one slot, you should cast as many votes as there are candidates you'd be happy with, in an order of your choosing. Second place could matter.