Is this microcode control store realistic as a hardware implementation?
I assume you are talking about an a-synchronous reset here.

The safest way is to pass the reset through a register. That way it will remain asserted even if the input to the register goes away. 

As often the devil is in the detail:


The register gives a delayed reset thus you might have to make the reset active 1 clock cycle earlier. (Depends how your circuit works)
You then have to AND the reset with the not-clock so it is active only during the first half of the clock cycle. (As you are doing now) If you don't do that you will have a different race condition: your reset goes away at the same time as your clock rises.