Why not for sake of it, activate 2-step authentication on your Google account?
And just use the random generated password instead, be sure you have enabled Google to SMS you for any login attempts on your Google account, and keep your real password hidden. That is what I use here, where-ever I log in, I get an SMS direct to me, asking to enter the verification code, no one else has it.
Also, it would be easier to just revoke it from your Google Account settings page, i.e. access denied.
I use a spare, crappy phone that I carry with me everywhere, zero chance of anyone trying to steal it, that receives the Google SMS notification, and yes, its a dumbphone :)
To clarify: Your account on the device is called a Application specific password. See the Revoke beside each application specific password.
In event of phone or should I say, device getting lost/stolen, its a matter of simply clicking on it. That is what I was referring to, in my case, I have the application called "My smartphone google account signin", and if it gets lost, I click Revoke, even after factory reset, data is wiped cleanly for my peace of mind.
I still have my laptop as my authorized login, that is, I can use my real password on the laptop, everywhere else Google is accessed, is using the random generated password. And if I was to login on another computer using my real password, the verification code gets sent to my dumbphone which I check and use.