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Adamsar,
The Wavetrac is a very nice diff, I have one in my 9". I would however have a hard time agreeing that it would be more cost effective to build the stock rear end. If you look at it from price alone, building up the stock setup with billet caps and a set of gears, plus nice axles and driveshaft it ends up being around a grand less than a 9" kit (Depending on what components of course). Add in the cost of a Wavetrac ($900 to $1100) and it becomes the same if not more expensive.
If the gear sets availible for the stock rear were A. More reliable, and B. Less expensive then it may be worth it to someone who does not already have a 9" or other aftermarket 3rd member.
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