Nigh-mindless repitition as a form of practicing got it down for me (personally), but I also added in another dimension to waveshining that greatly increased my consistency with it (again, personally), barring finger slippage or random refusal of my fingers to do what my Fox demands they do. Now, with me, everything seems to be a mental matter, i.e. if I actually think about something a different way, I will probably be able to nail it down no problem. This very occurence applies to my waveshining. When I first attempted waveshining, I would go to do it and be thinking simply "waveshine", and my fingers would slip up or randomly miss Y (what I use for the wavedash's jump) numerous times on end. Finally, I just decided to think about it differently; instead of thinking "waveshine" when I did it, I thought "shine and wavedash", separating out the two components in my mind. I found that this greatly increased my consistency with the waveshine now to near-100% (and I would prefer it to be at 100%, but what can ya do...). In addition, this method literally taught my hands to "reset", so to speak, after the shine in preparation for the wavedash, allowing me to waveshine both backwards and forwards very consistently and without fear of random SD's from a stumbling or sluggish finger. After discovering this technque, I applied it to other advanced aspects of my Fox's game, including such fun things as shuffling a sex kick into a waveshine into an up-smash, drill shining, and drill shine recoveries, all of which are now extremely consistent thanks to this mental technique.
Give this a try, Austin. It may just be a personal thing, but perhaps it will do for you what it has done for me.