Wavy edge problems are indicative of too thin an edge, as you've figured out. But there may be another side to it. Please pardon my digression.
1 year ago, I did an experiment - I ground 4 blades from O-1 steel, which I usually HT myself. All 4 were flat ground ultra-thin with distal tapers, starting with 1/8inch thick stock. The edges were ground 1/2 the thickness I normally would go.
I sent 2 to a professional HT-er. I Ht-ed 2 myself. IN my forge, I get up to quenching temperature pretty quickly because the blades were so thin. Both the blades developed a bend as well as a wavy edge. ONe was salvagable, the other had to be junked.
The Professional HT-er uses a vacuum oven chamber costing into the 6-figure range. The guys explained to me that the temperatures rise very slowly and the oil-quench occurs in a vacuum as well. The entire process is heavily controlled, in short. ONe of the blades came back with a very slight (minimal) bend, neither blade had a wavy edge.
I deduced from this that going very thin is a hazard - thinning a blade should be done after HT, grinding cold. Also, the speed of the heat makes a difference. Thus you should not be in a hurry, allowing time for the blade to reach critical. The speed of heat is only one of many thermal cycles that affect what happens to a blade when quenched. I could be wrong on this and appreciate any ideas that others might have.
To answer the question, I haven't yet found a way to effectively cure a wavy-edge blade. I have tried grinding back the edge and regrinding the bevels, hopefully eliminating the affected areas.
Also, I think there is one thing worse than a wavy edged blade - its a twisted blade !!
I have found that a blade that bends with the edge bending the opposite direction from the spine is only good as a throwing knife !!
Oh, another idea - Bruce mentioned the ABS testing - bending a blade. When bending the blade, please bend SLOWLY. No matter how good the HT, if you simply wrench a blade to 90degrees in 1/2 second flat, you run a significant risk of snapping the hardened area.
Mind you, I've never met anyone who could bend a 1/4inch thick blade in 1/2 second. It applies to those who are testing much thinner blades as they progress to thicker blades.
Apologies for the rambling. Hope it helps some. Jason.