Lauren, what time of year is your wedding? It's seems a very ambitious to have your reception during the hottest part of the day with people drinking and dancing in the sun. Far be it from me to tell you what to do, but even in the winter months, that sounds hot! Then again, you have the entire afternoon and evening to party with no stress! I also think the event terrace benefits a lot by being lit up beautifully at night. I have some shots of it during the day which I can send to you if you are interested. Perhaps you might consider taking your reception to one of the indoor restaurants?
No, I didnt find the wind too much of a problem. As Matt pointed out in his post, I think the benefits to the beach far outweigh the disadvantages. Part of getting married outside is that nature is part of it and as long as there isn't a monsoon coming, you should be fine.