I was wondering about this, so I did quite a bit of google searches, and came up with the SetWrapMode(self, mode) function. However, it was never really detailed, and there was nothing that really said how to use it. I ended up figuring it out, so I thought I'd post a thread here and answer my own question for anyone else who is wondering how to make an stc.StyledTextCtrl() have word wrap.
I see you answered your own question, and you are right in every way except for one small detail. There are actually several different wrap modes. The types and values corresponding to them are as follows:

0: None
1: Word Wrap
2: Character Wrap
3: White Space Wrap

So you cannot enter any value above 0 to get word wrap. In fact if you enter a value outside of the 0-3 you should just end up getting no wrap as the value shouldn't be recognized by Scintilla, which is what the stc library is.
How to set up word wrap for an stc.StyledTextCtrl() in wxPython