To get a wavy san-mai try this ( I did a deba knife this way once). Forge weld up the billet, draw it out, and rough shape the blade . You want it thicker than usual. Using a drawing hammer, forge a wide ladder pattern by making edge to spine blows about 1 inch apart (in the area that will be the blade). Grind the blade down to its finished thickness and you will have scalloped san-mai sides. Practice on a piece of scrap steel with mild steel sides to get it figured out.
Stacy