SNUG, BUT NOT TOO SNUG
A thread should have a snug fit to the moderator, but not so tight you exert any real force. It should engage the first section and glide down the threads using a single hand. The contact with the muzzle shoulders, if cut square, is enough to keep it from unscrewing and ensures perfect alignment to the bore.
This factor is just as important for a muzzle-mounted moderator as it is for an over-the-barrel model. In fact, with moderators that sleeve down the barrel, the rear supporting bush can also be a contentious issue.
If you fit an over-the-barrel moderator to your rifle and look at the gap at the rear of the moderator with the bush removed, you should see a perfect concentric equal diameter between it and the outside diameter of the bore. If you do not, then the thread is on the skew, so when you fit the rear bush and tighten the moderator fully, the barrel will be tensioned between the muzzle and this point, as the moderator tries to straighten the misalignment.
This is not good for the rifle and certainly detrimental to accuracy. If there is proper alignment, then a tight rear bush is beneficial; if not, a couple of thou clearance would be better suited.
Rgds, Buck.