If you set Screen->Wavy, it will be wavy forever, and never stop (unlike what zscript.txt says).
If you set Screen->Quake, it will offset the screen, but not quake at all (and also not "stop"😉.
Test case: http://zctut.com/ocarina.zip
Instructions:
1. Use the new Ocarina item, and play the Minuet of Forest (A, up, left, right, left, right) which will cause Link to warp, and set the Quake effect.
2. Again, on the Ocarina, play the Serenade of Water (A, down, right, right, left) to have Link warp to the same screen, but use the Wavy effect instead.
I tested this with and without the Warping, and it makes no difference. The script file is included, and the relevant lines are 137 and 147.