Throughout every episode released so far, nearly every decision Waver/Lord El-Melloi II makes is animated by his attempt to live up to Iskandar and his sacrifice to protect him from Gilgamesh. He's definitely holding up better than most, but he is definitely hurting (which also colors his relationship with others).
Episode 1: Nearly every attempt Waver makes to do something good after the Fourth Holy Grail War lands him in trouble—with even a simple attempt at fixing someone's bike (who is rushing to buy medicine) through magic leading to him being kidnapped. His positive relief at finding Melvin and saving him (and subsequently convincing Reines of his intentions) is almost cathartic—at leastuntilshe promotes him as Lord El-Melloi against his wishes.
On a Fridge note: It appears that prior to being thrown back into the world of Clock Tower politics, Waver chose to be Walking the Earth and helping people along the way (albeit we really only see him within the countries Iskandar/Alexander formerly conquered). This puts his meeting with Shirou Emiya in the [unlimited blade works] anime in a new light: when he was talking to Shirou about being a "hero of justice" (and cynically commenting about it), he knows exactly what it was like.
Episode 6 has been mostly-lighthearted—what with Gray, Reines and Luvia in a girls' night out shopping. The very end of the episode kicks us into crisis, however, when it is revealed the relic fragment of Iskandar's cape was stolen—explicitly stated to be done by the people involved in Rail Zeppelin. Waver's interest in this case, understandably, just became It's Personal.
Episode 13 gives two as it wraps up the anime adaptation:
Gray finally gives Waver the present she bought for him in episode 6. Waver asks her to stay by his side in the fight against Dr. Heartless and Faker, which prompts Gray to start crying tears of joy and reply "If you'll have me."
Waver has a dream of Okeanos, the sea at the end of the world that Iskandar sought out in life. As a soft piano arrangement of "You Are My King" plays he sees Iskandar waiting for him in the mist asking Waver to join him. Waver turns it down as he doesn't feel he is ready for it yet and still has to reach the point in his journey that he will be. As the mist begins to clear away Iskandar asks if he's enjoyed that journey so far. Waver breaks down crying in joy when he replies that yes it has, lapsing into his younger voice and calling Iskandar "Rider" once again.
Additional note: in the dream, Iskandar's reaction to finding out Waver has become a teacher is one of mild disbelief, surprise and genuine acceptance. His particular description of Waver, however, as someone who "wring(s) out words in a logical manner" is probably his approximation of Greek philosophers in his time—foremost among them being his own mentor, Aristotle. Iskandar, in effect, is recognizing Waver on the same level as the ancients who taught him—which must be the kind of highest compliment any other mage running on Older Is Better would die for.