The Wave points really well considering it only has a skeg, rather than daggerboard. Most of us rake the mast pretty far aft (I use a 10-hole forestay adjuster) which loads up the rudders that then act as daggerboards.
We usually can tack at about 90 degrees (sailing at about 45 degrees to the wind)
You don't need a traveler to sail upwind.., you want it centered anyway. And you need to sheet pretty hard, depending on the sail. Once sheeted in read the sail telltales and keep the backside always flowing. In light air keep both side flowing. In heavy air the inside may move around a bit.
Another good way to sail upwind is put telltales on the forestay spreader cables about a foot down from the forestay on each side. I use 8-track tape or reel-to-reel tape. Sailing upwind have the windward telltales point to just the other side of the mast.

The Hobie jib is pretty worthless as I have pointed out elsewhere on this Forum. There is no way to tighten the luff of the jib enough to make it effective.
Another thought is the Hooter System, which is very effective and makes the boat as fast as a Hobie 16.
See http://www.catsailor.com/waves/superwave_overall.html and the links within the story.

Also, since you are very close to us here at Put in Bay, Ohio, why don't you come down and race in the North Coast Wave Championship starting this weekend.
You will learn a lot about how to sail a wave. We have a lot of hotshot sailors and a lot of just have fun sailors.
Rick