I animated this today. I keyframed at 15fps then changed to 30fps at the end. Used five animation layers.
>base animation layer for waving and face
>additive layer post infinity cycle to make root controller hover up and down
>physics layer for arms, tits, hair, butt
>copy of right arm base animation on an override layer, keyed to override the physics on that arm during the wave, then back on again after.
>final override layer of all controls set to the first frame, keyed on last frames so the animation loops.