Man, Winter.. you sure do brainstorm a huge amount of ideas, don't you?
It depends on what your overall goal is with the thing. Do you want extremely stripped down and simple? Then maybe go with an AJAX admin inline editing interface with one page for settings, and another for category management.. or something.
Something as large as vBulletin would make sense to have an external admin interface.. however, single handedly creating something like vBulletin is extremely unlikely.
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