David,
We all run our rigs loose -- to the point you can grab the sidestay, twist is and will go to about a 30-degree angle to horizontal.
This is a pretty fast set up. Also, most of us use a 10-hole forestay adjuster. I take my sidestay adjusters off, and use Wichard locking shackles and still have a pretty loose rig.
This loads up the rudders as daggerboards and puts more effort over the skigs. The loosesness helps downwind as the rig goes forward.
Problem with the old style mast bases is they will pop off when capsized. Most refit with the taller, new one.
If you are in the Tampa area, get hold of Stan Woodruff, who lives in Ruskin and has a nice beach to sail off in Tampa Bay. He has 6 or 7 Waves and tries to hold beeer can races often, and hosts an Invitational Regatta every spring. He is very good at rigging the Wave and would be a big help. His phone is 813-309-3297