Yes they do wave on the repops but I still have a factory one and I don't see any waves in it's stiching. The repops also seem to have a lighter thread on them.
Neil, You'll have to see a nice one installed in person at Carlisle or Columbus, then ask the owner which one they ended up with. Where else can you find a bigger gathering of '70s? I've seen some wavy stiching on Just Dashes' repops but it could have been a very early one.