Hey Mort,
I'm pretty average at sailing- and only ok in the waves, but I do know light wind can be great fun, and very handy for developing core skills. For me, a 90-100 litre wave board in 8-12 knots is great fun. Run a 5.6 or so sail and your set. It's amazing how you simply chug around waiting for a wave, then with a few well timed pumps (of sail and board) and you're hamming, ready to tear the top off the first section looking ready to fold.
So, if you're thinking 8-12 knots, decent sized wave board and spilling chest high waves, you'll certainly learn heaps and have a ball. You can practice tacks, slo-mo gybes, board and sail pumping techniques, as well as critical body positioning (and ballance) through your turns.
I view it as the more the board wobbles around and challenges your ballance and abilities, the better your sailing skills become.