Hi Mike,
Just in case you were not aware - you can 'Pan' the image by 'pressing' the ScrollWheel and moving the mouse. So, in the meantime, you can very quickly 'grab' the location of interest and 'scroll-wheel-drag' it to the centre of the image view, then release the scrollwheel and continue zooming.
It is perhaps not as elegant as the method you were suggesting (and I do agree with both you and Sander on this anyway), but I have been 'managing' with scroll-wheel 'pans' in the meantime.
Cheers,