@zprime - Thanks for posting your question on the forum. You are correct in your statement. The fact that those IP addresses have been excluded prevent them from being handed out by the DHCP server, even to reserved hosts. I can most certainly put in a feature request for what you are asking. However, I cannot say if or when the change would be made.
Please let us know if you have any further questions.
Please do submit the feature request, it seems like a logical thing to me and I'm surprised that it works the way it does right now. In the mean time I can work around it by editing my exclusions or just using static addresses, but it's mildly annoying.