There should be a class for dealing with waf. python-pycairo has the basic skeleton of it, but waf also supports out-of-tree builds (cd $S; ./waf configure --out $B; cd $B; ./waf build...) so there's plenty for the class to handle.
What about meta/classes/waf.bbclass in OE-Core?
commit e4556e5a7bc2217845cd918e1c3e91c98cf0f31a Author: Ross Burton <ross.burton@intel.com> Date: Mon Sep 2 16:33:10 2013 +0100 waf.bbclass: add waf build system class See, I thought I'd done this before, and looked, but obviously my eyesight is failing. Quickly closes it before the triage call!!
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