I am in the exact same boat that you are in. My wife just sprung that one on me a couple of days ago too. She is about the same height and weight as your wife. She can pull 43 pounds right now and I hope to have her up in drew weight before too long.
With out spending a lot of money for a first bow until I know that she is going to
really enjoy it and stick with it. I am looking real hard at the
Browning micro adrenaline XS with the dual hyper max 10 cam that adjusts from 18 - 28 inches with out a bow press. It can be had with 30 - 40 or 40 - 50 pound limbs. It has a real nice slim grip for smaller hands and is fairly light weight so she won't get too tired shooting it. It also has a pretty smooth draw. For a first time bow and for the money I don't think it can be beat. You can spend a lot of money for a bow tech, hoyt, mathews if you want but these seem to be a great bow for the cash.
My second choice for a first bow and my
first choice for an up grade to this one would be the Parker challenger. The parker goes for $400 in package form and for another $50 there is a "grow up with Parker" program that will upgrade your limbs to a heavier weight and the cam to a full size cam if need be. However, the Parker cam requires modules to change the draw length but that probably wouldn't be a problem with a grown woman. Parker makes excelent bows.
http://www.archerywarehouse.com/browningbows.htm