Hello pbsieb1,
The following might help:
Go to
http://www.baywx.com/fbeacon.FEB.html and
www.baywx.com/fbeacon.MAR.html, which give historical wind data for February and March. Given these, you might consider a 3 x sail quiver: 6.5 slalom, 5.8 wave and 5.0 wave. It would be best if you had the 2 x masts that will be necessary to mount the sails and also the mast extensions. You may be able to mount all 3 x sails using 1 x boom (possibly a Chinook which has a large range).
Whilst 40 MPH is 34 kts, this is a rare figure for Bay sailing (now THERE'S an opportunity for Huey to get me!), so 5.0 would be an adequate minimum size.
Suggest 2 boards: 1 x 110 to120 L slalom and 1 x 85 to 90 L FSW.
Recommend that you e-mail RPS or SHQ to ensure that the equipment you want is available and to verify costs. Second-hand gear might be an option and SHQ have an online listing. RPS may be able to e-mail a listing to you
Should you decide to sail at Green Point in a SW'ly, watch out for the shore break which is a gear killer. Might be better to travel another 1 km south and sail at Hampton Beach or 1 km north and sail at Dendy St.
After work, you might consider sailing at Middle Park, Elwood, Dendy Street, Green Point, Hampton, Rickett's Point North and Rickett's Point South. Further south again here's a link:
www.seabreeze.com.au/forums/Windsurfing/Victoria/New-to-Australia/. Note that you should buy a Melway's Street Directory and note that parking fees are charged in some areas.
A 3/2 wetsuit will probably be OK for you, but here's a link to water temps:
www.baywx.com/temps.2010.html.Before sailing at a particular spot, you may care to ask advice from other windsurfers about no-go areas, sail sizes being used at that spot etc.
Am sure that others will comment on the above and all information should be useful to you.