I believe if the state of the NFC secure element and your Google Wallet app (signed in/set up, or not) are the same before and after a restore, or before and after a fresh flash, you are fine. As this thread shows, having your Wallet/element set up, then failing to clear it before you flash a new rom leaves you in trouble. In my case, I had it cleared but then restored to a Nandroid backup image in which Google Wallet had NOT been cleared...
So I took a gamble (or another gamble, as it would be) and guessed that since the secure element WAS cleared before I restored the backup, my opening the Wallet app was just a kind of "surface glitch". It said "initializing Wallet" because that is the information the phone had from the backup image, but the actual secure element was actually not set up that way. As a result, the app kind of hung on itself - thinking it was set up (allowing me to attempt to enter my PIN) while not actually being set up, which is why my PIN did not work. So, I made a backup of the phone in this state, just in case...
Then I cleared and wiped the phone, flashing a fresh, clean JellyBean ROM. After the initial phone set up I updated the Wallet app and ran it. WHEW - it opened up fine and let me add / set up my account. I did it just to make sure there were no problems. I even got the confirmation email about setting up Wallet on another device. I immediately went back in and cleared the settings to leave Wallet untouched. Considering I haven't been able to use it much where I live it's just safer this way. I'll hide it from the app drawer and hopefully we'll be able to avoid this kind of thing from here on out
. Thanks to anyone who would have helped! :good: