CAPT OF A CARGO B727 COMPLAINS ABOUT TWR CTLR CLRING HIM TO LAND TOO CLOSE TO A B757 TAKING OFF; FOR FEAR OF WAKE TURB.

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I; AS CAPT OF ACR X; WAS FLYING ACFT ON APCH TO RWY 12R AT SAT. ON VECTORS TO ARPT FOR APCH TO RWY 12R; AN ACR ACFT ON FREQ GAVE PIREP AS BASE AT 1300 FT MSL TOPS RAGGED. I REMEMBER ATIS AS 800 OVCST 2 BROKEN. OUR ACFT WAS CLRED FOR APCH RWY 12R; APCH SPD 144 KIAS; IMC. DURING THE APCH; AN ACR Y FLT XXXX WAS CLRED FOR TKOF. CTLR STATED THAT AN ACR Y CLRED FOR TKOF; CAUTION WAKE TURB. I REMEMBERED THINKING; 'GREAT; A B757 CLRED AND I'M LNDG.' AT LESS THAN 2 NM AND APPROX 800 FT AGL; WE BROKE OUT TO SEE THE ACFT IN POS FOR TKOF. ACFT HAD PREVIOUSLY BEEN CLRED FOR TKOF AND THE CTLR AGAIN SAID 'ACR Y CLRED FOR TKOF; BEGIN YOUR TKOF NOW.' ACFT REMAINED IN POS ANOTHER 5-8 SECONDS -- PROBABLY RUNNING A CHKLIST. WHEN SEEING THE ACFT THERE; I REMEMBERED THINKING; 'OK; WHERE IS MY OUT FOR A MISSED APCH?' AT THIS POINT; I WAS UNCOMFORTABLE; YET DID NOT EXECUTE A MISSED; AND I CONTINUED MY APCH. AS ACR Y FINALLY BROKE GND WE WERE JUST OVER RWY THRESHOLD AT WHAT APPEARED LESS THAN 1 NM. WITH THE EXCEPTION OF TURB ON LNDG; IT WAS UNEVENTFUL. I QUESTIONED THE CTLR ABOUT SEPARATION AND HE VERY DEFENSIVELY STATED; IT WAS GREATER THAN 6000 FT AND THAT WAS LEGAL; HE STATED 'IF YOU HAVE A PROB WITH IT I'LL GIVE YOU A PHONE NUMBER.' I WAS ANGRY WITH THE FACT I DIDN'T IMMEDIATELY EXECUTE A MISSED APCH AND ALSO WITH HIS COMMENT; IT WAS LEGAL. WHETHER LEGAL OR NOT; I QUESTION 'HIS' JUDGEMENT IN CLRING AN ACFT WITH KNOWN WAKE TURB PROCS WITH ANOTHER ACFT THAT CLOSE ON APCH. I DISCUSSED THIS SIT WITH MY CREW AND AT 3 DIFFERING POINTS ON APCH; ONE OF US FELT UNCOMFORTABLE; YET NONE OF US SAID ONE WORD ABOUT IT. LETS HEAR IT FOR FLYING ALL NIGHT AND BEING TIRED.