I sell compression sleeves and I use them for running (I just got in to triathlons). I have never thought about using them for wakeboarding but it makes sense. In my eyes, the benefit would be a decrease in vibration in your lower legs during landing. This would lead to your legs being less sore the next day. I used to get shin splints when I would ride a lot and play other sports too. This would have helped with that.
I sell and use a brand called CEP. I like them a lot. I will have to try them while boarding next time.