Not quite. It means the swell, or non-braking waves that are crossing the ocean are 0-1 feet high. That means the following:
1. Crossing the ocean will be smooth and not real bumpy like a 3-4 foot swell would be.
2. The swell is small and the water will settle out as it is not being greatly disturbed by swell. This could lead to good visibility after several days of that. Wednesday visibility as 15 feet or so on a night dive.
3. The surf will be small, but depending upon the topography of the ocean floor at that point, may be 1 foot or less (gently sloping ocean floor where energy is dissipated over a distance) or slightly more than one foot (ocean floor shelves sharply and the depth goes from deep to shallow close to shore causing the waves to "wall up" and flop over). But you are not going to be seeing 5-10 foot waves.
At least that is how I see it. But my advise is to consider this. I say the air is now 75 degrees. What does that mean, nothing until you step outside and feel it. Go to the beach and dive. See for yourself.