Also check the reg entries here:
http://forum.xda-developers.com/showthread.php?t=317107
I believe the Zenyee Stay Unlock does the same, but wth a control panel applet, and it rechecks the reg entries in case exchange repushes the policies out.
This came in handy when I set up Outlook (OWA) mail on my TP, enforced a PIN policy, and the checkbox to use the PIN was disabled even after removing the Outlook server entries from ActiveSync. I believe I had to change the 1023 reg entry to 0 instead of 1 and soft reset for the checkbox to enable, though.
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Phone History
Sprint: HTC Touch Pro (w00t!)
Sprint: Samsung Instinct
Verizon: Motorola v325
"Make a u-turn, and then, continue"