The lowest limit of speed would depend on how big the skis were, and the maximum amount of tension the skier could hang on with, since this would in turn limit the maximum angle of attack.
Normal bouyancy isn't at work here. The skis are riding at the boundary of the air and water, and there's hysteresis effect involved called "planing".
Both powerboats and skis will raise significantly out of the water, reducing drag, and the speed at which this transition occurs is at a faster speed when transitioning from "non-planing" to "planing" as opposed from "planing" to "non-planing". In other words, from a standing start, a certain speed will need to be reached before the skis start "planing", but once they are "planing", the speed can be reduced and they will continue to "plane" until the speed is reduced significantly.
What the limit on the design of the "skis". What if a skier used the equivalent of a twin hull catermaran with tunneling effect to get some lift from the air as well as the water?
Is the skier riding in the wake of the towing boat or off to one side?
The starting point is force equals mass time acceleration. You know the force, since weight would be known, and tension in the tow line can be measured.
As far as collecting data, there are setups where a pole to the side of a boat with a very short or no ski line at all could be used to safely get a profile view of a skier.
One easy calculation though: tension in the tow line (assuming it's horizontal) in pounds times the speed of the skier in mph divided by 375 will give the amount of horsepower consumed in the process.
Getting back to issues, the arbirtrary call for how much water is affected At what point do you consider a pressure differential so small as to be insigificant and not consider the water experiencing this small pressure differential to be part of the total water affected by the skier? Similarly, at what amount of actual water displacment, do you no longer consider the water to be displaced by the skier?
That's easy. When it's orbiting in space, sitting stationary on the ground, or propelled vertically the lift is zero. The other cases are a bit more complicated.