Is there a method to restrict the visibility of saved searched based on the users location set in their employee record?

Yup, utilize the Group audience option dynamically updated by a search that is targeting the location field on the employee record.

Thanks Nick. It sort of does what I want, but I will need to get the users when they first log on to refresh the content of the reminders portlet to remove views they don't have access to. Unless there's an easy way to do this.