I would have to agree that the power to control IP bans should be limited. But, as far as someone having total control over the website... (in a worst-case scenario) hah, no, that wouldn't really happen.
Mr. Albert, as you know, is the Overlord - and has access to Danbooru's source, as well as physical access to the machine (or cluster?) that Danbooru runs on. There'd really be no way to prevent him -- even if he was theoretically IP banned -- from accessing said machine, switching to Downbooru, and fixing-up everything in the back end. If that did happen, a bit of cleanup would have to be involved, of course, but nothing terribly catastrophic, I would imagine.
ie, it'd basically be exactly just as bad as a mod's account getting stolen, plus a waiting period for Albert to come and fix the situation in the back end. It wouldn't be too far-off par with any kind of standard "someone guessed a very important person's password"-type cleanup procedure.
And I would also suggest not using the word "hacked" (or "hacker") in this context, but instead, using the terms "cracker" (no pun intended), "script kiddies", or "people who like to try and guess passwords" would be more appropriate -- referring to those kinds of people as hackers is a disgrace.
But meh, I'm being a nit-ficky little twat, here. Just saying, though =P