If I understand correctly, I think you want to create two bands that are wavy and then 'braid' them together? If so, one way to do it would be to connect smaller bands of peyote with strands of beads like these Athena bracelets
Otherwise, I would use herringbone weave with different sized seed beads to create a wave affect. You may also be able to adapt this zig-zag pattern to suite your needs:
Zig Zag Stripe Bracelet
Those are just a few ideas - I hope it helps get the ball rolling at least!
Morti