I fully agree with Rick.
In it's stock form or with any addition available from Hobie the Wave performs best dead downwind.
I was not aware of a traveler but I have moved the mainsheet attachment to the hull. There was small difference that helps going dead down wind.
I checked the downwind performance against other Waves and high level Sunfish and Lasers.
The problem with Hobie's headsails is they are not far enough forward. There is not enough gap between the mainsail and the headsails. The jib choke's off the mainsail when you try to point. The mainsail chokes off the spinnaker, if you try to go too deep and the spinnaker collapses, if you head up too much. I have never raced the spinnaker but the Hobie jib, in normal configuration, actually makes the boat slower. However, if you use a pole and attach the jib about 3-4 ft in front of the bow, it is a very powerful sail.
Downwind is the weakest point for the Wave. It just doesn't have enough sail area. Adding a hooter is like putting rocket motors under the Wave. However don't get the idea that the Hooter is an upwind sail. You can go to weather in very light air and close reach in light air. In anything over 10-12 it's a downwind sail.
If I get a chance I am going to race my wife's Wave in the Wed Nights, Houston, and do a little debugging on. With the hooter, it is a surprisingly fast boat.
Carl Bohannon