I think having to re-enable remote wipe on each device after a password reset would be a reasonable compromise.
Your approach does leae users open to there own hindsight and if you lost a device you might in some situations reset the password first and then thing about remotely wiping the device and in those situations you will be a bit erked. That said it would be nice to at least have that option, options are nice as they allow the user to pick the level of control they want, more options more choice. Still be nice if a device being remote wiped checked its location and went - oi hang on your at home I need to verify this first, scary but doable.