Update Nov 2, 2011: I was at a conference in September, where G. Mason pointed out to me that $H^4(M,\mathbb{Z})$ probably contains an element of order 8, and therefore also $\mathbb{Z}/24\mathbb{Z}$. I believe the argument was the following: there is an order 8 element $g$ whose centralizer in the monster acts projectively on the unique irreducible $g$-twisted module of the monster vertex algebra $V^\natural$, such that one needs to pass to a cyclic degree 8 central extension to get an honest action. Rather than just looking at $L_0$-eigenvalues, one needs to examine character tables to eliminate smaller central extensions here. Naturally, like the claims I described before, the validity of this argument depends on some standard conjectures about the structure of twisted modules.
It seems that the relevant group-theoretic computation may have been known to S. Norton for quite some time. In his 2001 paper From moonshine to the monster that reconstructed information about the monster from a revised form of the generalized moonshine conjecture, he explicitly included a 24th root-of-unity trace ambiguity. I had thought perhaps he just liked the number 24 more than 12, but now I am leaning toward the possibility that he had a good reason.

