Charles Martinet (voice of Mario and Waluigi among others) thinks he does. He suggests the essence of Waluigi is he "cheats to win" and he thinks that everything goes right for everyone except him. I think you could make a game for him based on that.
My idea
For example, create a game where you are Waluigi, you're in a castle with Daisy as your hostage and you're trying to stop Luigi from rescuing her. You can set traps, control baddies and generally slow Luigi down from rescuing her. Imagine using the UPad control goombas in batles, setting thwomps up, making a lava pit... but before Luigi plays through YOU have to to show that a level is beatable. You also only have a limited number of resources say and can send shy guys and others on missions (controlled by you) for more gold to buy more traps and create harder levels. Think of it like this: You start out with a hub, Daisy is tied, bound and gagged in one corner, in another is a shy guy, in another is a goomba (and a few others of course).
On the UPad is a map, you see Luigi's face and how far away he is. You can send shy guys to bother him or slow him down but you can ALSO send them to hunt for more gold to buy more enemies.
When you do this the map goes from the controller to TV. If you choose to harass Luigi you control shy guys and he's (for some reason) in a biplane, the goal is to shoot him down and he'll eject in a parachute with an L. If you fail he doesn't lose time and you lose gold. If you succeed he is slowed. Meanwhile, the Upad screen has the hub.
Second possibility, shy guys are going to steal gold. There is a village and you can enter homes, break things, and generally steal gold all while Fire Mario is shooting fire balls at you.
The Goombas are your troops, you can buy foot soldiers to essentially slow Luigi more, but also to place in the levels of your castle. The Castle itself is owned by you but there is also say a master of arms you have (I'm not sure who would be most suitable) who you go to for the level building mode. As I already said you must play any level you create for it to be playable. However long it takes YOU to get through is how long it takes Luigi.
I think you can kind of see where I'm going with that.