If you can bend it without kinking it, that's what I'd do.
The wave will follow any curve, no matter how tight, but doesn't like kinks or square corners.
My circuit pipe on my Cimatti hung low on the left side and would scrape around corners. Mostly because fat pipe, and 16" wheels.
I used a piece of wood as a lever and wedged it between the header and the rear cone (with the pipe off the bike,) and slooowly leveraged it to twist the rear cone up. Raised it a full inch.