Just tested, iPhone 2G is asleep in the cradle for 15min, and I wake it up, no service, WiFi is 100% connected.
tested again and WiFi is disconnected when off the cradle. You are right. My suggestion is to leave it in the cradle in your basement.
You really need to realize that WiFi is completely OFF when your phone wakes up. 90 people have told you so and I am the 91st.