The actual question you posed is a highly personal one; only you can evaluate the importance of being in the vacation destination, your health (and your wife's), your desire to escape the working world, etc. But let me note a few things and pose a few questions for your consideration:
First, a note: the 4% rule is based on a stock/bond portfolio. The amount you have in cash or your house should not be considered in evaluating how much you can withdraw without depleting your portfolio. So really, you are talking about a little over $300K invested, which should generate maybe $13K/yr reliably.
But the reality is that you don't need to worry about a 40-50-year glide path, because you are only 4 years away from SS. It sounds like in 4 years, you guys will have around $60K in guaranteed income (maybe a little less if you stop work now instead of working 4 more years, maybe not). So really, all you need to do is come up with enough cash to get you through the next 4 years, plus some extra costs to cover your health insurance until you are eligible for medicare. You clearly have the cash to cover 4 years of expenses -- if you take the
@$13K from your investments, that would leave you needing maybe another $30K/yr from your cash, or $120K total; given that you have over $300K in cash, you could do that and still have almost $200K cash left over (plus, likely, the same $300K+ in your investments, or most likely even more).
But the big question mark is that you don't yet know how much the medical insurance would be. So your next step is to price that out, both where you are now, and in your dream location. This is important, because based on the math above, you are close to being able to cover your expenses until 62 from your existing 'stache and still have money left over for a more expensive house in your dream location. So it is likely the cost of health insurance that will determine whether you can do what you want now or need to work longer to afford the move.
But as to the move, questions for you: have you ever lived in that location longer-term? Do you have a sense of what it is like in the off-season, whether there are permanent residents there vs. just transitory vacationers, whether you have the necessary mix of grocery stores/doctors/hardware stores/entertainment/you name it for regular life? Many people find that the place where they have had years of glorious vacations is not so glorious as a full-time residence. And have you looked into differences in the cost of living? Places with more expensive housing also tend to have more expensive food, utilities, gasoline, shops, insurance (especially flood insurance!), and everything else. Your path to quitting is very different depending on whether you will need $45K/yr or $65K/yr.
In short, you need research. Your numbers are tight unless you work many more years, and yet at your age those extra 5-7 years could take up a noticeable chunk of your remaining life.* It is never a good idea to make such a significant decision based on assumptions. Research your "real" costs, both where you are now and in your preferred location, and make your decision based on hard numbers.
One other thought: when you are doing your planning, have you figured out what will happen if you or your wife dies first? I know with SS, you only get one benefit; after your spouse dies, you can choose the higher of the two, but if your projections assume two SS benefits forever, you can be in a world of hurt. It sounds like your DW has a pension, not SS, which suggests that she may have been exempt from paying SS taxes. That pension may be exempt from these rules, but it may not -- I don't know; and the pension could have full survivor benefits, 50% survivor benefits, or no survivor benefits. That is another thing to investigate to ensure that you or your wife isn't left hanging when one of you dies.
Finally, I second (third) the notion of getting licensed in your new location, period. I am a huge fan of having a fallback for when the shit hits the fan, because IME it always does at some point. Your biggest asset is the massive knowledge and skill set you have built from all of your years of practice. Getting your license would enable you to deploy that asset in your new location if the need arises. Yes, it's a pain in the ass (I'm a lawyer, I've had to take the Bar several times when we moved states, and all I can say is UGH). But think of it as the world's cheapest insurance policy: for the price of some temporary inconvenience, you can ensure your family's financial future no matter what happens.
*Not trying to be mean! I am 52 myself and so struggling with the same issue.