I looked around and couldn't find a report thread feature -

Another site I work for has the option so any member can put a thread up in a que for the moderators, with a short explination, about any thread that violates the rules.

It works great for squashing spam quickly, maybe that would be effective/easy to install here?

It's there. It's the icon to the left of the the profile, www, send pm buttons with the little red triangle. Right next to the icon that let's you know who is and isn't online.

If you mouse over it it says 'Report Bad Post'