The only way I would support donations for mods would be donations towards the sites that provide the hosting for them (HLP, Sectorgame and FSMods) i.e. actually incur costs. Donating to individuals is way too can of wormsy. Besides, even if by some miracle, a massive amount was raised for one mod or another, that's not the only factor regarding time to mod. In my case, for example, even if someone sent me fifty grand or whatever ridiculous figure, I still wouldn't want to put my non-computer-related career on hold while I spent six months working on a mod. I know a lot of other prominent modders in the community have similar issues - a lot of people are at university, or have families, or run their own businesses - all these things take time, and money wont necessarily make any difference in those cases.
Ultimately, by far the best thing you could possibly do to help get mods out faster is learn to FRED and help out an existing team. No question about it.