Wow, that makes it look like 007 the only agent worth having on Her Majesty's Secret Service. Not only would that overfeed Bond's ego (which he sure doesn't need), but that also would make all of the other 00s feel like crap if they ever found out. Then they would all pick on 007 and call him names. Not very nice at all. Or it just seems a little out of M's character to outright say that 007 is better than any other agent in her employ. And M would never call him/herself stupid. Maybe careless, but certainly not stupid.
M informs Bond what has happened, and embarrased at how stupid she was to send 001 out and not 007 to stop the deal.
On the whole, your synopsis seems to be decent contemporization on the story. Although I don't quite like the fact that the present Iran situation seems to be a big part of your plot. I would much prefer it to be simply mentioned in a line of dialogue rather than actually shown in the PTS.
One last thing I would like to point out (as I feel like I'm castigating your idea which surely is not the case). I don't belive that Iran would turn to China -- or even a Chinese -- for help in hiding their nuclear arms; rogue colonel or otherwise. I think this should be changed. Maybe you could mention in briefing that Colonel Sun and his renegades stole a nuclear weapon from an Iranian cache? It doesn't even have to be a nuclear weapon. Whatever happened to good old fashioned semtex, or gelignite, or even C4?
Okay, that's basically it. If I came off as belittling or anything of the sort, it was not intended to be so. Be that as it may, I encourage you to go to work with this idea; make a screenplay as you've done with “From A View To A Kill”. You could work this out to be a good treatment. It still may be just fan fiction but it's certainly of a different medium.