D_B:Hmmm, I wonder if you had a really, really good semi dry wetsuit, dived down quickly, could you get a squeeze for a short time till it equalizes?
I've never worn a dry suit so I'm not sure if the feeling is exactly the same, but you can get squeezed and pinched in a semi-dry wetsuit, and it doesn't require a rapid descent. The legs of my suit are a little longer then they need to be. If I pull the legs of my suit up to far a fold forms which can pinch. Letting water in stops the pinch. Making sure the legs are pulled down towards my ankles so there is no folding in the crotch area prevents the pinch, however there is still a squeezing sensation if I don't get water in the suit.
The first time it happened, I really didn't think about the physics involved, makiing it stop was the main concern.
After reading some of the comments on this thread, I'm not sure if the problem is caused by the air in the suit getting compressed or that air pockets in the suit allow the pressure to be felt unevenly. Basically the spots where there isn't air are felt as a hard surface while the places where there is air between you and the suit are felt as a soft surface. Having water in the suit isn't going to reduce the pressure on your body but it will make the application of pressure uniform across the surface area and less noticable. The pressure on the inside and outside of the suit are going to be the same either way.