In general, I try to get the most cards(lands) out of Wayfarer as humanly possible. I rarely tutor for dual lands or basics directly, unless my opponent is packing Stifle, and I desperately need the mana asap. This not only heightens the chance of drawing actual spells in your draw step, but you can also activate Wayfarer again in response to activating fetchland. Wasteland is probably my primary target with Warefarers, as the in-response-to-my-fetchland-I-activate-Wayfarer-feat works here as well, and there's plenty of targets there.
If it's your opponent's second turn and you're already in shit too deep to make use of your primary card advantage engine because of two dudes on your opp's side, chances are you already fubared things anyway (that's what you got those Dazes and Forces for).
Depending on my opponent's one- and two-drop (I'll assume they're not Golin Lackey or anything else that's as threatening - if they just dumped out a 1/2 Tarmogoyf, yeah, that's perfectly fine with me and I'll gladly ignore that sucker unless my life totals call for a change of heart), I'd either
o) draw a card and activate Wayfarer in my main phase if I'm not seeing enough land to keep me in the game.
o) activate wayfarer in my upkeep (fetching wasteland), reducing my chance to topdeck another land in turn, and then decide about my actual landdrop if I'm holding another colored-mana-providing land in hand before I draw.