Adam, I would agree with you as far as the OR part of the "include", but I would highly doubt that the "exclude" functionality was designed with an OR on purpose. In fact, since I saw this response tonight I checked the status of my open OSS message and found this response. There will be a fix put in place for a future revision.
So yes, there are now three possible workarounds on the table until revision 7x contains this fix 
Regards,
Justin
>>>OSS Response<<<
We could see this behavior also in our development environment. The
reason why it does not work is that when deploy the model, the
restrictions are translated into expressions which are connected with
"OR" instead of "AND". In the create statement of the olap view, you
could actually see this.
I will inform you once we have a fix plan for this issue. As a
temporary workaround, you may manually drop and recreate the olap view
and manually modify the expression for the restricted measure.
Best regards,
SAP HANA Development Support