There is no moderation queue for admins to approve user's before verifying there account.
I would suggest if this is an internal install that you set registered user's to no posting rights and then create a new usergroup called uploaders or whatever with upload rights. You can then at will move users from registered to uploaders as needed.
Wow, this really should be added to the next release. I am setting up a private site, and thought PP was the software i'd been looking for, but I cannot have just anyone register, and start viewing pictures.