You can definitely get the empeg to display metadata on WAV files. However, the import tool emplode may not understand the tags on the files themselves. But you'll be able to edit the empeg's database manually via emplode to get the right info in there.

Also, the most recent alphas have support for FLAC, which may be better as far as space is concerned while retaining the losslessness. I don't know if emplode understands FLAC tags or not.