I would disagree, and guess that for most today, rather than being motivated by some long-standing animosity, we truly want to find common ground with CoC friends, but find it difficult due to what we truly believe to be a be a Faith + Works salvation.
So how you describe their view of baptism in relationship to the gospel within orthodoxy?
Siince you both are, essentially, asking the same question let me address you together.
1. The primary question in the OP is structured difficultly. You either are evangelical or a heretic. Since I don't view mainline denominations or other orthodox Christian groups as heretical who aren't evangelicals, I will definitely go with my vote.
2. Having talked with plenty of CoC folks, and also having spent two PhD seminars researching the nature and history of evangelicalism, I don't agree that their view of baptism is enough to put them out of the evangelical camp. If evangelical only means what baptists and quasi-baptist churches believe, that is an erroneous understanding of evangelical.
3. CoC, again depending on the individual church, aren't agreed as to the soteriological function of baptism. Almost all, it seems, agree that it isn't a sacrament (ala Catholicism, EOrthodoxy, Anglican, etc) but that it is part B, or the sealing function of baptism. Plenty of my Pentecostal friends will tell you they believe that speaking in tongues is part B. I've even heard some fringe Baptists equate inerrancy with salvation.
4. Plenty of evangelical denoms, networks, and churches believe baptism is a seal of either justification or the covenant. What do you think about, say, Max Lucado? How about the ministry of Southeast Christian Church? etc. Independent Christian Churches and CoC are often awfully similar. The point here is that if we keep culling the herd based on doctrinal differences we'll only end up with a handful of faithful churches who are worthy of "evangelical." So sue me, I believe in a big tent for evangelicalism.
5. I don't think the CoC's view of baptism violates orthodoxy. There I said it. I also disagree, vehemently, with their view and also disagree with many of them who believe I'm going to hell because of my view. Their view has historical roots btw. Check Everett Ferguson's
Baptism in the Early Church for that. (We should note that Dr Ferguson is a prof at Abilene Christian...but he is highly regarded academically.) Their view is part a faith in Christ and part b baptism in Christ. Now we Baptists believe this too btw, we just hold that the "baptism" here is the work of the Holy Spirit instaneously at justification. They believe it is a physical act. I disagree with them. But I can't hold their view to be outside orthodoxy.
6. How much different in degree is their view of baptism than my disagreement with Dr MacArthur's view of lordship salvation? Just saying, we disagree...but I respect him.
7. What is the "orthodox" position on baptism? What is the "evangelical" position on baptism? Who decided either?
I think I addressed everything. If I haven't, please let me know. Thanks