Do you need the cursor to be a "wait" cursor only when it's over that particular page/usercontrol? If not, I'd suggest using Mouse.OverrideCursor:
Mouse.OverrideCursor = Cursors.Wait;
try
{
// do stuff
}
finally
{
Mouse.OverrideCursor = null;
}
This overrides the cursor for your application rather than just for a part of its UI, so the problem you're describing goes away.