This is complete! Check out Wait Time Estimator settings in Toastweb for the ability to try out this new "Smart algorithm". https://www.toasttab.com/restaurants/admin/booking/config/settings/waitlistTimeEstimator

Coming soon: The ability to block certain tables from ever being included in the estimated wait (e.g. bar seats that are always first come, first serve or a back room that is never open during the week)