Unless you change the deck to barely resemble anything close to the Faerie Stompy decks we've come to know,
Master of Waves seems pretty out of place. The Devotion in the deck tends to be really low. The whole point of Faerie Stompy is to produce a large, evasive threat, supplemented by equipment, and protected by prison elements and light counter magic. MoV is a great card and all, but I just don't think it has the support in this archetype.
Unfortunately, I don't think Faerie Stompy is really a reasonable choice anymore. The incentive to play the deck is/was to be able to either drop a huge threat on turn one or play a
Chalice of the Void with X=1. The problem I see is that, as a Chalice deck, FS is pretty weak. MUD, for example, plays Chalice on 1 without much negative impact on itself, and can also play chalice at 2 and 3 without too much collateral damage (thanks to
Goblin Welder and
Cavern of Souls), whereas FS really can't afford to play Chalice at anything other than 1, unless they're set on board and simply looking to lock the opponent out.
I've been contemplating a FS brew with
Crucible of Worlds,
Wasteland, and possibly
Crystal Vein, as well as a full set of
Seat of the Synod to support a
Mox Opal and possibly a
Mox Diamond (some number of
Trinket Mage end up in the list too). My issue is, I keep finding myself wanting to include a few
Lotus Petal to get early metalcraft (for Opal) and to increase turn 1 Chalice,
Illusory Angel, or other 3cmc flyers. But when I do this, the mana base gets pretty odd and the blue count starts to drop, which makes
Force of Will weaker, which is something the deck really can't afford, as it's the only counter outside of
Spellstutter Sprite. Additionally, the fewer basic Islands soften the deck's resilience to
Blood Moon.