I think it's too small for the two of you.
Sailing can be frustrating so enroll in a class. Also, if you are brand new it isn't safe for you to go off shore.
For beginners, off shore is water over ankle deep. Seriously.
Good lord, Pete...ease up. You don't have to be an expert to get a boat over ankle deep and most learned to sail from the beach without any initial instruction (myself included).
Kmbarnes, the Aquacat is a strange little beast. I've never sailed one personally but given that we do still see them from time to time should indicate that they hold up reasonably well (they haven't been manufactured in quite some time). However, they have very flat bottomed hull shapes and they're frankly not a very good performing boat. They will work if you want to tool around, get wet, and sail. Keep in mind that parts will probably be difficult to source.
I do agree that the boat is probably a little small for the two of you, but you're sacrificing performance by sailing overweight and trading off some space by having a smaller boat. However, you gain some ease of mobility and some safety (due to being underpowered) while underway.
That said, there should be a plethora of used Hobie Cats available or perhaps even a Nacra. These boats are still supported today by their manufacturers and parts are relatively easy to come by. In my opinion, the Hobie 16 and Hobie 18 are terrific beach boats and while you may be a little heavy to go competitively race a Hobie 16, it would be a solid boat for you to start with.
I say move on from the Auquacat and look toward a Hobie 16, Hobie 18, or a Nacra 5.2 or 5.5 or similar.