Moderating a group while using the group registration code

I am having issues when trying to use the OG registration codes with a moderated group.

I would like to have all of my groups moderated by admins.
I also would like to require that a group registration code is used when signing up.
However, when a new user uses a group registration code to sign up to a moderated group, it does not allow them immediate access to the group without being confirmed by an admin.
I would like for new users that enter a group registration code to have immediate access to that group, while leaving the group in a moderated status for existing users.

Is this possible? Any suggestions?