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I'll agree that what's going on with Wally makes sense -- in the context of the current storyline.I understand the concern, but here's my position. There are plenty of compelling stories that can be told at under 770 mph. During most of the era that I actually enjoyed reading Wally's adventures, that was his top speed, and I certainly never thought of him as slow. We know that, as a practical matter, he seldom traveled any faster than that in the city anyway, because of the danger of sonic booms.
I don't see how you think it will "save the character going forward into his new era." For one thing, being "the slow Flash" doesn't seem like a particularly compelling role when the main Flash will probably be at top speed.