If you wash them make sure they are completely, 100% dry inside and out.
I don't know what kind of plastic Wave uses, but as a general rule my understanding is all bait companies use the minimum (least expensive) compound they can to produce their baits. This isn't a negative comment - they are using what they need for the way they do it. This only makes sense as they aren't like us remelting, re-shooting, experimenting etc. They are also using a machine, so heat and viscosity are tightly controlled.
My guess is comparing like baits, theirs would be thinner, have less heat stabilizer, and would settle faster (because they don't need the extra compounds for what they are doing). I would add some fresh plastic and a little extra heat stabilizer to the baits after you cut them into small chunks.
Let us know how it works out.
Tight lines!
Jason