IT Policy is more secure than that! You can only remove it by following the standard "Remove IT Policy" instructions (search around here - it must be posted a dozen times!), OR if you have OS 4.5 or higher by using the "resettofactory" with JavaLoader (JL_Cmder).
While the "wipe" option for JavaLoader will remove EVERYTHING from your BlackBerry - including the OS, it will NOT remove IT Policy!
In answer to your original question, as indicated above, the wipe will NOT re-lock your BlackBerry. It's just a waste of time if all you want to do is to remove IT Policy!
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