Often yachts have a false waterline. This is basically the real waterline but the ends near the bow and transom are slightly lifted. This gives the boat a more slender and “fast” look. Fishing cutters (both classic and modern) took this to the extreme by having a white triangle between the real and false waterline at the bow. The white triangle is about where the white foam “moustache” will be when the boat is at speed.
I don’t think it would be a good idea to raise the waterline at the transom of a Wayfarer but raising it at the bow may give your boat a better appearance. The Wayfarer is after all a typical English design. Since the English don’t have much inshore sailing waters most English boats are designed to behave well in a chop. Such designs typically have lots of volume in the front part of the boat. The Wayfarer is no exception and has, like a fishing cutter, a pronounced bow. Fooling around with some masking tape will tell you if I am right or not.