Thank you for the quick reply. I actually figured out my own backwoods approach to the solution. I didn't use pandas in this case. Take a look below for reference:
def find_daily_mean_historic_depth(gage, begin_date, end_date, shp):
# download and cache site data (this will take a long time the first time)
# currently downloads all available parameters
#nwis.hdf5.update_site_data(gage)
# read daily mean water level data from cache (statistics code 00003)
data = nwis.get_site_data(gage, parameter_code='00065', start=begin_date, end=end_date)
count = 0
total_height = 0
site_name = data['00065:00011']['site']['name']
lat = data['00065:00011']['site']['location']['latitude']
long = data['00065:00011']['site']['location']['longitude']
for item in data['00065:00003']['values']:
count=count+1
total_height=total_height+float(item['value'])
mean = float(total_height)/int(count)
This served my ends. Hope it can help someone else! Great job with this though! Solves a lot of issues!