Hmmm... What's interesting is...
As for an actual version of Wayne's World on SS, that I don't remember.
But as for a spoof of Wayne's World, called Telly's Town, that I do remember.
That spoof was hosted by Telly (in the role of Wayne) and Big Bird (in the role of Garth), both wearing these black caps with the "Telly's Town" logo in white letters. They were waiting for the musical act, The 4 Tubadores to appear.
Mike Myers arrived as a mail carrier with the four tubas for the band, and he gave a sort of half-disbelief look when he heard the show was Telly's Town. Guess he knew it was a spoof of his own segment on SNL.
The act never showed up, causing a panic... Telly said he could play the tuba, Slimey showed up with a small tuba of his own, and then Mike and BB said they could probably play the other two tubas. The segment ended with the four playing music on the tubas instead.
Hope this helps.