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Context stuff won't work in the Lister itself, since determining whether a file has coordinates in it or not is an expensive operation. You could maybe do something with the evaluator, but by default it ignores Image LOCATE commands completely (with the exception of Bing Maps, which we check if it's installed or not) and they'll always be enabled.
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In the viewer, we already have the image data so we know if there are coordinates or not. In the main toolbar, Image LOCATE commands are hidden if there are no coordinates. In the menu they're disabled. It's normal Windows behaviour for the parent menu to stay enabled whether the things in it are disabled or not.
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I would have expected that to work, but I haven't tried it yet.