I never wound up making the counter-argument to that because by then Mojoman was already revealed, but I can say it now.
"Or maybe you want to make yourself a target?" as far as I'm concerned, is scum POV. Indeed as you argued, Town!iLTS should be worried, but Scum!Mojoman would know that and be in position to wonder why he wasn't. So if we add to that statement like this for context: "Or maybe you want to make yourself a target [of the NK]?" Mojoman is wondering if iLTS has something that would make him dangerous to kill. That's how I read the situation, anyway.