If your company is enforcing a lock, you can probably do away with any s2u2 or other screen lock, since it's not necessary.
But really...a couple of considerations. Supposedly there are hacks out there that work for this sort of thing - try searching here or xda, I know I've seen something out there (can't say if it/they work). That said, if your company enforces that, there's a reason. They don't want thieves reading your email, sending email on your behalf, or having access to your company directory. Bypassing or disabling it is probably an offense that will get you fired - something to think about unless you have extreme job security or know you can find another job in this wonderful economy (heaven help you if you live in California right now). Frankly I'm amazed they let you change the timeout value. I've heard of companies forcing it to 1 minute!
Sporkman...I'm assuming you're kidding...I have to say having to enter a password for every freakin' screen would be annoying as heck-all, only I wouldn't say heck but for the filters here.
Anyway, good luck with it...if you're in a position to negotiate, maybe you could discuss the matter with a superior and the exchange administrator and reach some sort of compromise.