McEngr,
Oddly I just ran the same calc yesterday at work. It was the first time I have ever come accross the issue on a project. It was for a small masonry building that was both a SDC "D" and had to take 150 mph winds.
I came to the same conclusion as you for my simple project....(very heavy rigid roof on a small building with significant "e").
Do you have the SH Ghosh masonry design sheets? using these I take this calc is the first step in determining which equations from the MSJC are applicable for allowable shear. (2-21, 2-22, 2-24 or 2-25)
However as I look again at the equation....it only cites "M" in the shear wall. M being the maximum moment in the wall. Are you looking at this as the moment from the eq forces? or as the total moment from EQ and deadload counter acting the overturning moment?
...However, watch out for section 2107.5...the last full paragraph....all the splice lengths are also modified. Some of this is a dramatic difference...The splice lengths ended up driving the design.