My preference would be to stay in Cape May(The Depot Travel Park). From there you can ride a bike into Cape May with all the shops and dining. Wildwood would be a 7 mile ride north up the parkway. I would not plan on going in the ocean in Wildwood. It has one of the longest walks from the boardwalk to the water and in the summer it will be a long HOT walk. If you want to go in the ocean, go while in Cape May. Head to sunset beach. This is where the ocean and Delaware Bay meet. You can also take the Camp May ferry over to delaware for a day trip. Atlantic City would be a 35 mile trip north on the parkway. There are not as many casino's on the boardwalk as there use to be. Personally AC is not worth the trip. Just my opinion. In any case get the reservations in early as possible due to the time you are planning on going.
Bill