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I'm new to Warhammer, and I'm starting up a Tau army. My friend fields Craftworlds Eldar, and I'm thinking of adding a few to my army in Open Play. Specifically, I'm thinking of adding in 5 or so Wraithguards/Wraithblades to support the notoriously-helpless-in-melee Tau. Right now I'm looking at equipping them with the Ghost Axes and Forceshields so I have a few melee tanks that can hold the line against foes that manage to slog through the blistering Tau field of fire. Is this a sound idea or no?

Wouldn't recommend it, you're dedicating a large number of points to a unit which will lose you your 3CP bonus and are pretty slow without a transport of some kind.

I'm still fuzzy on the subject of CP, do they exist outside of Battleforged? My group mostly plans on playing just off of point values, not Battleforged. Though I do agree on the expensiveness of the Wraithblades. That's the biggest complaint I've seen about them. I was hoping their specialization in an area my chosen faction is pathetically weak in would justify the price.
I forgot to mention that I'd include a Spiritseer with the Wraithblade unit, which I've read will help quite a bit.

CPs are Command Points (new in 8th edition). With CPs you can use strategems, which every codex has specific ones for those armies. Look in the back section of the tau 'dex and the one in the Eldar book.

Basic to all armies: Spend CPs to give your whole army a cover save round one (used usually when your opponent shoots you first). Spend CPs to auto-pass morale before you roll to pass. CPs can be spent to have one unit interrupt after the enemy's first charging unit fights. And of course, the CP reroll, crucial for some end-game must need saves or advances.

As far as your Wblades idea; I reread your post carefully, and having them sit in your line as a defensive counter-punch sounds fine.

I'd run a demon prince instead :p

Banshees in a wave serpent?

Commander Farsight (tau)

Play Tau Sept and have overwatch on a 5 and 6, and all units with greater good within 6" can join in. Who cares about mellee!