You could also extend the mast on that Wave a bit if desired, to get more "leading edge" sail area. I think the Wave mast is only 20'?
If you're not overpowered on a narrow Wave with a big Hooter and no trapeze, but have 187sq.ft. of sail and are keeping pace with H16s, then why would the class go with less sail area? I was thinking perhaps a 200 sq.ft. max sail area, using a 24' mast with a square-top mainsail and sending the rest of the sail area into a roller-furling jib stuck out on a pole.