I've known the timeline was confusing for quite some time, I've read the articles on Legends and Lore, I've been here for quite some time. However we do know that Moagim was slaughtered right at the beginning of the dark age he ushered in, but the age remained dark. Aka I beleive he was killed by mortal non Hero men. Moagim was killed before his time. Since he was killed before his time his age remained 'Dark' and perhaps he didn't even really die, and was thus reincarnated at the end of the age so he would be around to be killed by Connacht where the cycle had dictated him to die. Him getting killed in the begining of the age screwed the whole thing over, so the cycle popped him back into existance for no reason then to allow the Hero to kill him and usher in the age of light.
Balor was also killed 'early' before the end of his 'Dark age' His return was inevitable. In 800 years or so, Balor should return as 'Balor Reborn' so he can be around to get killed by the TRUE hero of the Sword Age. Of course Alric was wary about this and perhaps knew of Moagim's rebirth as Moagim Reborn and threw the head of Balor into the great devoid, hopefully forcing his destruction and forcing the cycle to revert to 'Hey the good guys won' and ushering in an age of the Light.
Also for the reccord I wasn't trying to say that The Watcher commanded moagims armies after his 'original' death any more than Soulblighter commanded Balors armies after Balor's's death. Since the leveller was destroyed it was up to them to lead the armies of the dark in the age of darkness. They just happened to be the guys who were most powerful when they were waiting around for their leaders to 'reincarnate' (Of course they didn't REALIZE this, soulblighter certainly had no expectation of Balor coming back reborn)
I think this 'if the leveller is killed early, he is reborn in time for the true hero to kill him' theory is a good theory that we should look into. It explains Myth 3 and gives Alric's paranoia about the leveller returning as Balor even more credibility. If he was just concerned about himself being reincarnated by the Leveller he should have thrown HIMSELF in the devoid.
(yes I know he originally ended up in there, but thats not how it worked out)
-Pepper