Thanks everyone here who helped along the decision process. See this post: http://stokereport.com/rant/mini-me-wetsuit
Purchased: http://www.amazon.com/gp/product/B002X33LBC/ref=oh_details_o01_s00_i00 (Note, it runs a full-size big. The suit is excellent)
My daughter has now been in her wetsuit three times. Most recently, we went to San Diego for Memorial Day and she "surfed" Coronado beach.
As you suggest, we got a boogie board, but couldn't really tow her around (she is 1yr 7mos. old).
We ended up taking her deep into the water. I would keep her balanced on the boogie board (standing) and my brother would tow her in as a wave came. She loved it. She was very upset when she had to stop.
Thanks to the community here. Maybe I'll post a pic or video.