hey man, i dont have waves reverb but generally when i need to reverb guitars i tend to use very little pre-delay & early ref's, not too large of a reverb - medium hall generally, decay not too long, cut the de-fusion to around medium and mix the reverb to around 25-28%. i also tend to not reverb very fast passages (when reverberating) rhythm guitar. i usually use it when notes are being held leading into stops or breakdowns to fill in the emptiness if it needs it. so get working on automation.
when it comes to lead tones i generally use a very very very little amount of reverb and i use a delay like a tape echo (add some tone to the delay instead of a digital delay) mixed around the same 25-28% - i split my channel so it reverb's on a bus track and delays on the regular track and mix them accordingly. otherwise i get revered echo or an echo'd reverb which IMHO slightly sucks the tone out of the lead passage. any chance of posting a sample?