Your token-string of nicknames in %wait is separated by spaces. "32" is the ascii value for "space". See "/help token identifiers".
And I suggest the following addition (that makes further use of them token identifiers):
Code:
; if a user on the wait-list changes his nickname, put the new nickname in place of the old one
on *:nick: if ($findtok(%wait,$nick,32)) set %wait $puttok(%wait,$newnick,$v1,32)
