Please re-consider checking your wife's purse. All valuables (including cash, credit cards, etc.) and medications should be carried on with you. Theft can and does happen from checked baggage. She will need to have her photo ID with her, too, and I would hate for it to be accidently packed in checked baggage!
You are on the right track, though. Minimize how much you have to carry on with you. One small bag is no problem, however. It is not much different than how it used to be to get through security. You put your bags, purses, etc. on the conveyor and step through the metal detector. People are randomly (supposedly, I have my doubts) chosen to be checked more carefully but this is very minimally time consuming. If chosen, you will have your carry-ons hand searched, you will be wanded, and you will be asked to remove your shoes for inspection. This takes less than 5 minutes. It is not a big hassle at all. Do it cheerfully.
The first time I traveled after 9/11, I went through the regular security checks and just stood there, waiting for whatever was to come next. The security folks finally noticed me and said that was it and I could continue to my gate. haha.
Think through everything you pack in a carry on. Could it possibly be conceived as a threat/weapon? Don't pack anything sharp. It MAY be difficult to bring open drinks (coffee, soda) through so it is best to buy this once you are through security.
Peggy