Dyneema is rated for a bit more strength than spectra (i forget how much though, but it is not absolutely necessary). Unless you're someone who really takes pride in having the best of the best i would just go with spectra... unless of course you find a good deal ;) You should get the same basic benefits from spectra as dyneema, unless i am mistaken
as for wrapped hanndles:
If you imagine yourself doing wrapped tricks then go for the wrapped handle. I think it is a little harsh to say that wrapped trics are "gay." Make your own decision on how much you think you will use it. My first wake-specific handle i got with a wrap handle, but i really hardly ever used it. i have not really tried a wrapped trick without it so i can't really compare with and without (yet).
I recently got a new handle, the ronix totem, mainly because of its kooshiness (its got a "memory-foam"-like stuff in it). From what i could tell from handling it in the store it was the kooshiest handle of them all. It doesn't have a wrap handle. however, i did make my own float, from a tube of pipe insulation that i put inside the velcroe cover that came with the handle that might be nice to grab onto... i have not used it behind the boat yet