How to effectively moderate an ultimate werewolf game?
I had a fantastic time being a first time moderator/first time playing with a decent number of people, so I would like to answer my own question as I learned a lot from the experience.

Choosing Roles

There were 10 people, including myself. No one had played Werewolf before (or even Mafia) except me. I thought it would be best to start simple, so the roles I included were:


1 Seer
1 Bodyguard
1 Cupid
3 Werewolves
3 Villagers
last person was moderator


Moderator Duties

Best best thing to do is to be really animated when being the moderator, and actually try to tell a story. Even simple things like a more dramatic tone made the game more fun. To that end, I also had people go around and introduce themselves as a "villager" with a medieval job of their choice.

As a first time moderator, I used a notepad with a simple symbol based seating chart just to remember who was who, and who was dead.

Keeping a strict time limit on the day cycle was also important, as it ensured the "dead" people wouldn't have to sit by with nothing to do, although they found it extremely entertaining just to watch.

After people learned the game, they were eager to moderate as well, and that made the game more fun because everyone brought something interesting to the role.

Setting

In addition, it helped to play in a social setting, with drinks at a bar (I picked a large biergarten with picnic table style tables) because it made people more relaxed and more willing to "buy into" the story and ridiculous scenarios. 

Also, it solved the problem of people being "dead". They could just order another beer and laugh at the villagers' flailing attempts to find the wolves.