As far as when it is still fun to be on the water with wind speed I find that if I start on a relatively calm morning and the wind increases I get off the water when I start to see whitecaps (usually around 15 knots). If the wind is predicted to maintain 10 knots all day I will still probably go out but fish into the wind and let the wind blow me back to my launch site.
Swell size doesn't affect me as much as swell direction. I have been in one directional swell of 10ft and it was manageable and I was still able to focus on fishing. I have also been in 4ft swell that was multi-directional (washing machine effect) and it was miserable.
It really comes down to your comfort and experience level. If you think it may be too rough to venture into open water, LISTEN TO YOURSELF! You know your capabilities and it is your responsibility to keep yourself safe. There are plenty of perfect days to get on the water, if it is out of your comfort zone don't go.
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