The uninstall password, as far as uninstalling goes, is just a parameter. It /could/ be passed to msiexec through a property parameter such as PASSWORD="WhatEver", if the msi is rigged to accept it.
The uninstall password is stored on the local PC somewhere, because the uninstaller will check the password even if the PC has no network connection at the time you try to uninstall, but it's not stored in the same place, nor in the same keyname that was used in earlier versions.
So far, using groups to specify one without an uninstall password seems like the most workable method.