Some more comments after discussing with nithronium earlier:
If the process is one-way (WOW-->eWOW), then it can be fully auditable and trustless after the burn-in period is over. Using a provable burn address with exposed view key, anyone can monitor that the supply of eWOW = burned WOW. If the ETH contract disables the creation of new eWOW after 1-3 months, then at that point it becomes trustless and requires no more administration.
If the process is two-way it requires an administrator into perpetuity and afaict would never be fully publicly auditable or trustless.
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