As an Exchange admin, this pin/password is required by your ActiveSync IT Policy. There is no way to remove it, unless you remove the Exchange account from your phone.
However, there is another solution, if your are willing to fork up for the license. If you purchase Touchdown (by Nitro), this will allow you to unlock your phone using your own security, then if you attempt to access your Exchange work email, it will then prompt you for your pin/password. Then if the IT Admin tries to wipe your device remotely, it will only remove or wipe the corporate data from your phone, and not wipe the entire device back to factory.
With the Droid 1, the droid itself does not have all the built in security to connection to most Exchange environments. If it does somehow pass due to the individual companies security requirements, it will not pull PIN, Password requirements, and it loses the remote wipe capabilities that the IT Policy will try and enforce. Most good companies and environements may require such additional applications like Nitro Touchdown.