While this is an older thread, it is worth chiming in for those still thinking of selling their 'Classic' model due to the loose tramp design. One sympathizes. However, if you can get a hold of the end of the year Hobie Hotline, there is a 'this old Hobie' article that provides a solution for the loose tramp problem, as well as a great collection of anecdotal suggestions to improve your Wave sailing and options and answers on the hardware issues. Compared to all the other catamarans, the Wave is by far the simplest to repair, maintain, and sail either recreationally or competitively. You can thank Matt Miller for providing insider knowledge on the Wave, as I have found his advice very useful, particularly in understanding the design and nuances of this unique boat. He also shared some valuable and humorous historical accounts. Anyway, the boat is great for sailors at all levels, even extreme adrenaline junkies like me that enjoy an afternoon on Lake Mead Nevada in 25 knots of gusty wind on the Wave (with no worries).
As for the rudder issue. Just personal experience here, but now that tillers are legal, and adjustments to the rudder assembly are allowed in lieu of 'improving fit and function', then I would definitely recommend the old setup for racing, and defer to the new for recreational use. My assembly on 'Wilson' is the standard original assembly for a '95 vintage boat. It allows me to use any HCC mfg. rudder available, which in my case are a set of the original black foam filled epoxy glass 'EPO's (hard to find - ooo!). Whether or not it improves performance is yet to be proven, but since I 'think' it does, well, then I'm not worrying about them, right? The foil on these are superior to the easy loc system, so I just defer to that as the reasoning. Mostly though, it sure won't matter what rudders I have in a race if I blow tacks, go the wrong way, hit marks, trim and steer poorly, fail to cover or otherwise just become a tactical retard, which does happen on occasion. The Wave is the fastest growing racing class in the Hobie Class Association. An effort is underway with key players to build the entire Wave program throughout North America. If you don't race, but might want to try it, jump in, the water is warm and it is just above ground floor right now, so it is a good time to start, take your lics and become a seasoned Wave racer.