Earlier quoted context omitted.
Is there any way to remove the wiping bit without removing the whole finding functionality? That bit is extremely useful, and if a hacker managed to get into my iCloud I wouldn't be that worried about them being able to locate it. But being able to wipe everything as well is a different matter.
IIRC it does the wipe via the recovery boot, so wiping that partition would kill it. BUT: you'd be hosed if you ever needed recovery, you wouldn't be able to use full-disk encryption, and there's likely other bits of the OS that would break in subtle and interesting ways without it there. Tread _very_ carefully.
Isn't this not an option in relatively recent Macs, which have the recovery functionality baked into the EFI firmware and not as a partition on the disk?
Newer Macs have that functionality out of the box, and a bunch from 2010 and early 2011 that did not originally ship with the recovery firmware ended up getting it later via update: http://support.apple.com/kb/HT4904