Bluetooth has wider support for peripheral drivers vs. Wi-Fi. I do get the multi-device issue. Can any of your software detect an NMEA stream off a Wi-Fi network connection? I know Coastal Explorer can, but not sure about iPad apps.
Also, you'd have to set up a LAN with DHCP server and reserved (fixed IP) address for the data server. No doubt you're able but that's beyond many end-users' tech ability.
As for range, the people in this board are unlikely to exceed the effective range of Bluetooth aboard their boats. If you change to Wi-Fi, let me know if you want to sell your Bluetooth converter Jon. I'm not in the market for that for the price of a new one, but would be interested to scoop up a bargain.
Here's the link for the Wi-Fi model.