Towing a water skier (or tuber or whatever...) does not get an exemption from any safety law except they can start a skier from shore or a float, and for that moment ignore the head-way speed rule, if it is safe to do so.
http://boat-ed.com/nh/handbook/ski.htm
On this link you can infer that they have no greater right of way either but I prefer to give them extra room so I dont have to get my prop sharpened again (joke).