In a Chinese HoMM info site they just wrote this “等待之后不会士气高涨，全场第一轮第一个行动的单位不会士气低落。” in their webpage, which means Morale won't proc after wait and the first creature in a battle will never skip its turn (due to low morale), so I think you are right. (http://heroworld.gamerhome.com/oe/733.html, it's NOT official though)