Not at all. I'm still confused as to why you wouldn't accept Mario being able to wavedash, but not as much as Luigi (canon ftw; manuals keep telling me that Luigi jumps higher but has lower traction), yet you're fine with edgeteching, which would involve Mario getting REAMED by Marth's sword, and instead of flying off at 40 miles an hour, simply flashing yellow and performing a walljump.
Teching takes timing and skill, but less than you might think. You have a 20 frame window. That's a whole third of a second to press R before you think your opponent might decide to try to destroy you with an edgeguarding attack. Meanwhile, wavedashing requires that you jump and then press L/R in the time of between 1/15 of a second and 3/20 of a second, depending on character.
L-Canceling doesn't even make sense at all. You press L, R, or Z within 1/10 of a second to have exactly half of the lag frames shaved off your landing?
But hey, this is all pointless ado about wavedashing. We all know that wavelanding is where it's really at. ^_^