The number of wasted votes is dependent on the number of regions you have. The more regions you include in your system, the more votes you will waste.
In first past the post, we have 338 districts, but those districts are also regions, and it's because we have 338 that the wasted votes are so high. Under my proposal, if you go with the four regions I've suggested, each region would have a fraction of wasted votes, probably around 3% to 4%, which is significantly smaller than the roughly 50% we usually see under the current system.
As you increase the number of regions.... With MMP, for example, or even in this system, if you decide to shrink the regions to be smaller, to be within provinces, for example, that number will slowly increase. Under the way I propose it, it's quite small.