Sure it would be more bouyant, and you'd have little mobility due to the thickness, but it would also be warmer. So it's a trade off. It depends your needs, comfort zone, and etc. If 7mm is enough protection for you then a full suit would be adequate. Some people require more. Idealy, if you need 7mm, I'd say a drysuit would be a better option, but you asked about wetsuits.
Take me for example, I'm comfortable in 55 degree water in a 3mm full, 3mm sleeveless shorty, and hood. If I got in colder water than that, I'd buy a drysuit (which I probably will before winter). To some people that would be chilllllly. I can dive the shorty by itself down to about 72 degrees, the full by itself below that and add them together somewhere along the way. With a farmer john, you don't have full protection with both pieces and the john isn't very efficent(probably less so than the shorty alone) by itself. If you went the full suit route, you could always add a shorty later if you needed it.