Ehm, no. It is entirely different.
Approvers should be the one who are deciding which posts do have a place here and which not. Therefore it makes sense for them to have the ability to undeleted (which is the same as approving), deleting (if the uality is really low or the image entirely off-topic), and flagging without limits. A good flagger isn't always a good Janitor, because those two concepts are slightly different.
Contributing on the other hand is nothing like flagging. You could see approving is the opposite of flagging, but Contributing means that there is some person who trsuted you in the past good enough so that they promote you to Contributor. Now this is mostly done by Wypatroszony, that is correct. Give that person now the abbility to flag unlimited...that is not what they have been promoted for. They got promoted for being responsible and good uploaders. If they now abuse this new system, then they should only receive a bad feedback or a ban if it was a vast abuse. But removing the Contributor status from this user is not correct.
By the way, with that logic, one person, who is flagging a lot and succesfully but doesn't contribute, has to become this ability, too. But since this person never uploaded once an image, it is very likely they go haywire, since finding good and fitting is something different than kicking bad images out.
That said: If it gets implemented, then it shouldn't be the quick and easiest path to implement this, like making everything one and the same. One should think a bit more into that, before making a decision.
That would be easier if the Contributor status would still be a seperate user rank, though.