Martin is offering the Phantom Elite. This bow has long recurve limbs and only comes in a dual cam configuration. This bow is more forgiving in the draw cycle than single cams and has excellent performance in the short draw, lighter weight range that you are looking for. This bow is in the stores for $325-$340. Skip the overdraw and shoot a full length arrow like a Gold Tip 3555, it will perform just fine.

It sounds like your wife will be new to shooting. I hope she enjoys it, it's a great way to spend time together. From the experiences that I've seen though, don't skimp too much on the equipment (low end price range is ok, just make sure it is of sufficient quality).

I would suggest keeping shots under 20-25 yds on live animals.