Rhett, for the board stay under a 124, Hyperlite makes a 119 Motive kids board that works well. It's a proven design, very stable and easy to ride and a board the kids can progress on. Have fun.
Rhett: Springsuits are pretty similar across all brands. Make sure you go with at least a 30% stretch suit. They go from 0% to 100%. 30% is fine for wake and surf, gives you more mobility in the shoulder area. Also be sure to check the size chart, each brand differs. Chris
My kids have a LF Nemesis 118. They are 7 & 9. They both love it and have noproblems handling it. I also looked at the HL board they are nice too. THere was one kid's board I looked at it was a hydroslide renegade I think but it was crap.. The only reason I bought the LF over Hyperlite is that I have had 5 Liquid force boards and they have all been god for me.
My 8yr old has been on the 118 Nemesis for a while, but is going to the new HL 109 Motive. It's great to see a smaller board for the the little shredders. As for wetsuits check out O'Neill, their quality is top. Check your e-mail also...