I got back from Lanzarote on Friday. Didn't have much luck with the surf as there was little swell and really strong onshore winds.
Our first two days were good, but the surf wasn't much different to the waves we'd be riding here, the main difference was leaving the water cos you were hungry, not due to the cold or knackered arms from swimming with a suit on
We stayed in Puerto Del Carman which is the main resort, full of pubs n' clubs, unfortunately a lot offer, "real English Food" and "British Atmosphere". Still, these are easily avoidable and you can stay out until 6am. Skinny dipping with a local muchacha is available if your lucky, or if like us and your not so lucky girls from Essex! ! (only kidding they were cool).
I think it's better to stay somewhere with a bit of life and hire a car or 4x4 to get to the beaches. Huge selection of board hire, but not so many to buy.
You'll get a holiday for next to nothing to these islands.