On the surface, no. I get the same sense that you do.
But I am unclear if the baptism is supposed to have regenerative effects of some sort, or what. Also, it could be one of those things where we are dealing with temporal matters and God is not bound by them.
That is, that someone, seemingly unbaptised, who dies, dies in the state he is in. It's just that "the state he is in" is the state of a baptised person, because God knows that the person will later be baptised by his descendents.
SD
as for baptism of the dead - Ive always wonder then what would be the motivation to live a clean life if you can accept a baptism after the fact.
Im particulary concerned to its effect upon the nature of Christ in that until the baptism is accepted after death, it in effect delays (or circumvents if it is accepted) the fact that Christ will be your arbiter before God.
Know what I mean Vern?