I don't deal with Waves anymore - not since they ripped me off - OK some years ago now but basically they sold me a product (GTR) that would not work and then they would not fix it until I purchased a WUP - not surprisingly I did not wup and have never updated my Waves products - most still work but some don't.
I see people here say they have mended their ways and are now more customer centric - well I sincerely hope they are right, but I still get the feeling that Leopards don't change their spots, so if you ABSOLUTELY have to buy some of their products, you will HAVE TO buy a Wup as well.
But if you want Tape Emulation there are any number of great products out there from reputable manufacturers, such as Slate, Uhe, Toneboosters and UAD - personally that's where I would look first
Nigel