Which denomination would that be? I am not aware of *any* protestant/evangelical/pentecostal assembly that rejects baptism. And I am fairly conversant with hard core dispensationalists and pentecostals ... what I assume you mean by 'ultra-dispensational'...
There IS a difference in emphasis - The 'baptism of fire', the baptism of the Spirit, being the efficacious part, is thought to be more important as signatory, but I know of *no church* that doesn't practice water baptism.
http://new.bereanbiblesociety.org/bullingerism-or-ultradispensationalism/
. I believe that Israel was set aside as a nation, after Acts 28, and that they ceased then to have priority rights. As the Jews required a sign, signs ceased at the close of Acts. And as water baptism that Christ might be made manifest to Israel, I believe that water baptism ceased the close of Acts with the sign gifts.
ACTS! That's when 'the power' comes!