I've freedove in my drysuits before, but had similar experiences as Erik. With my Viking I could get down about 25' before the squeeze was just too much to take. With my old DUI-TLS350 I could make it down about 35' before the squeeze became too painful. The type of underwear you use with it will make a difference as well- DUI Thinsulate was better than the Viking opencell foam stuff.
For freediving around here a good 5mm opencell wetsuit from Elios, OMER, Picasso, Cressi or others will work best. You can even use them for scuba if you get one with an outer lining made of nylon- to protect the suit from tank straps or BC's.
If you're talking about scuba then look into a drysuit for sure. As close as you are to Lake Michigan you'll want to dive the wrecks out there- some claim them to be about the best in the whole world. I don't know if I would go that far, but the certainly are the best I've ever dove in all my years of diving. You can go down inside a 150 year old wooden schooner and still see the paint on the walls which would never happen in salt water.
With wreck diving you'll find that the deeper you go the nicer the wrecks become- because they are more intact. There are plenty of wrecks in less than 40', but the good ones start at 60' and go down from there. A wetsuit could keep you warm, but as soon as you start adding some deco in a drysuit becomes the only choice for scuba.
If you don't plan on diving deeper than 60' on scuba then you could get away with a good freediving wetsuit for everything. Not to try and spam here, but if you want to try out a drysuit my father-in-law teaches courses and has them for rent through his shop and on his boats. It might be a good way to try one before you decided if you want to make the investment in time and money.
They do take some getting used to and there is the ever shifting bubble of air to contend with. About two years ago at Freedive-a-palooza I had to go rescue some lady who was doing a class, with another dive shop, and had a drysuit blow-up from 90'. That means the suit got away from her and shot her to the surface before she could vent it or flair out. She ended up bent and was flown, by helicopter, to a chamber a couple hindered miles away. I dragged her to shore and another instructor I know, from a third store, put her on 02 and called the medics. He told me she was numb from the waist down when they flew her out- and that's the last I heard about it.
Drysuits are great items, but you do need to know what your doing so you don't get hurt. I have more stories but that should give you a rough idea. As far as types of drysuits go it depends on what you're doing. For working I like a Viking drysuit with dry hood and gloves. For wreck and tech diving I prefer a DUI with thigh pockets, a Pee valve, wet hood, and argon bottle hooked up to it. Comfort wise my CF200 was the most comfortable suit I've ever owned, but it took forever to dry- there were some weeks in the summer where it never actually dried. My old TLS-350 was probably the most versatile and easiest to move around in- plus, it dried out almost as fast as my Vikings.
Hope the helps, more than confuses, you. Here's a few shots of some drysuits 've owned and some of the freediving wetsuits all of us use around here.
Jon