My beef here is that the people who do the least amount of work or, in the case of you and your wife, have the least amount of tech-related skills, would be running the show. If I'm working all day on your startup, the last thing I want is to have that day end with a CTO looking over my shoulders and criticizing my code, especially when that CTO obviously lacks the same amount of commitment that I have. It'd be even more grating if that CTO would then come on full time and essentially jump over me and my colleagues who have done all the work, both in salary and title.
Also, you'd have to be able to prove that you are actually an interesting founder to work with and have skills (if not coding, something else) that will be an asset for the company in the long run. Nobody wants an "idea man" as his/her boss.
Lastly, if you work 12 hours a day, whether you do so in Hawaii or in Siberia doesn't really matter all that much. If you only expect your coders to work for 4-5 hours a day, now that's something else.
Coding-for-space isn't offensive, it just isn't all that appealing.