Old Women Island or Mudjimba Island as it is listed is now part of the Maroochy River Conservation Park. The lease was also once owned by Sean Connery as well.
Aboriginal legend says it was created in Dreamtime when Coolum and Nindery had a fight over a women called Maroochy. Ninderry knock off Coolums' head and that is where it lies. (
http://coastbeaches.com/web/beaches/oldwoman.html)
The paddle over is done by a lot of locals but does cover a deep hole / channel where large grey suits have been frequently seen.

Great surf on the right conditions. The rights can be suckier and stay away from the outer point as the rocks / barnacles are large and sharp.