As I understand it according to the help about_Requires it prevents a script - not a function - from running if the requirement does not match the environment it is about to run in.
I had thought along those same lines as well Olaf, however the following line in the article you linked states:
Placing a #Requires statement inside a function does NOT limit its scope.
Which led me to believe it could be used in a function.
Also after further re-reading using -Module will attempt to install the module and throw a terminating error if it is unable. I had considered adding requires in my module manifest as well, however there were modules that did not require that module and i wanted them to function as normal.
After further consideration I believe my best option is to try/catch import-module webadministration, if the error is file not found exit gracefully without throwing error but if anything else throw error.
I really appreciate your quick reply and assistance.