Hi Charlie,
First thing you need to do is start sailing with other Waves. You just missed the Wave Nationals here in the Keys in December, but the next best thing is coming -- the Tradewinds Regatta, where we expect about 100 boats and about 20 Waves, of whom there will be several past National and NA Champs sailing. They will get you dialed in faster than anything else. Here is the NOR for the event.
http://www.catsailor.com/Tradewinds2010.html

You might be way over-thinking the subject.
Here is my take on sailing the Wave:
1. use a 10-hole forestay adjuster. This rakes the mast aft to load up the rudders and allows them to act as daggerboards. If too much helm feel, rake them under the boat a little bit more. This will make the shrouds pretty loose, so I usually take off the sidestay adjusters and simply use a shackle. However, you DO WANT pretty loose shrouds -- as the sail goes out on reaches you do not want it to bump up against the sidestay and invert. Rather, push the loose sidestay out and keeps its shape.
2. With the boat on the beach and decent wind coming from the the side, sheet the sail in. Standing back a bit, line up the mast base on the main beam with the sheeting point on the aft beam.
Then look up at the leech of the sail. If it hooked to windward, you are oversheeted. If it is way off the mast to leeward, you are undersheeted. You want the leech to be slightly off the mast.
Once done, mark the sheet with a laungry pen somewhere midway between the blocks -- this will be you normal sheet setting. Every time you tack, start, round a mark or do whatever maneuver and you want to be sailing close-hauled, you can simply sheet in until your mark is in the right place.., no more guessing.
Then in reality, when you get a little puff, you might want to sheet in a tad, or if in a hole, ease out a tad.
3. Rip off the leech telltales and use them somewhere else. Perhaps as a second set located 9" behind the first set on the upper part of the sail.
4. Put 8Track Tape or Reel to Reel tape on the bridal wires, on each side about a foot and a half from the top, and some on the side stays, while you are at it.
5. Dial in first, getting the bridal flies to point just to the other side of the mast, and then use that and the sail telltales to get the best performance. In light air front and back should flow, in heavier air, the windwards might dance a bit, but always keep the backside telltales flowing.
On my Calvert Sails in heavy air I notice my lower windward telltales will dance a bit, but my upper windward is always flowing.
If you are already familiar with cats, as opposed to monohulls, you already know you need to sheet harder. However, with the Hobie sail, you cannot sheet as tightly as you can with a Calvert. They are just as fast, but need to be sailed a bit differently.


Rick White
Catsailor Magazine & OnLineMarineStore.com
www.onlinemarinestore.com