If hired you'll suggest people for verification and the entire team will vote to decide if they should be verified or not.

This essentially turns Hive account@steemverify branded verification into vouchment by the team. In other words, everyone else is to trust the team, or a majority of them at least (if you vote by majority).

Since we're in the decentralized ideo-sphere here, I'm curious about the governance of the team. Will it be run in a traditional hierarchy, i.e. Hive account@dalt or whoever picks who is in the team and can also revoke membership?

This may seem facetious or pedantic but bear with me. The point is whether verification is worth anything depends on trust in Hive account@steemverify and so trust in the team and its members. If the team has a definite leader then the responsibility of this trust can be delegated to them, but if not the team members matter a lot more.