According to Ernie the "wave" originally was a blade catch for an opponent's knife in knife fighting scenarios. He claims Frog Men in Coronado got ahold of some of his folders and while using them noticed the blade catch/wave would catch on a pocket and open the blade. The rest is what it is. And so is that story.

For me, I find it a bit dangerous to pull a knife behind you with force/speed as you pull it from a pocket. So, mine is set up to deploy as it comes out in front of me from the front of a pocket. But it's a Super K if that helps understanding.