It is called ‘gaming the system’ or rules lawyering, and it is forbidden to look for loopholes in site rules to harass users.
So, no.
The rights of a content creator will always be greater than that of any one local mod or stream owner.
I checked.
For any local mod to mess with the memes of another user without their consent is a form of harassment targeting a user and violates the tos. For example, your mock congress here can not pass some law saying it is okay to spam the site, or allow a banned user back onto the site as long as he hides out on your stream. The ToS will always override your roleplaying here because the rules of imgflip are not up for debate and are off limits. You agreed as much to this when you joined the site.
Global mods said if you all remain stubborn on this point, then we can simply report it to them and they will override you. As they did with a recently banned troll that came back the other day that your mods refused to ban. Do it enough times, and plays with the site rules, and the global admins can issue timers, revoke mod privileges and even delete accounts if the abuse is severe enough
Your choice.