Not a bad set, but I would commit to either a physical sweeper or a special sweeper, instead of dividing your EVs up among attack and special attack. Sharpedo isn't too durable, but it is strong offensively, so it needs to hit hard and quickly with its attacks, so it would be best to focus on either physical or special, not both. You could go with a physical sweeper, just get rid of Ice Beam, have someone else on your team use Ice Beam. Because Sharpedo is a Water type, you can get away with having a water move on it even if you use a physical sweeping Sharpedo, since it will get STAB, and be able to do decent damage if it hits a weakness. Either Surf or Hydro Pump will work, depending on whether you go for accuracy or power. If you go with a physical sweeper, a Hidden Power like Rock or Flying would be great over Ice Beam. You could also attach a Choice Band.
Now, if you want a special sweeper, you could keep Surf (or use Hydro Pump, depending on your preferences) and Ice Beam, and get Crunch into the moveset as well. You could then finish the moveset with a Special-type Hidden Power, like HP Grass/Electric/Fire.
Both sets work good for Sharpedo, whichever one works best for you would depend a lot on the rest of your team. Just make sure that you put 252 EVs in Speed, 6 EVs in HP, and the other 252 into either Attack or Special Attack, depending on what kind of Sharpedo you are going for. The best personality would be a + Speed, - Attack or Special Attack. (Jolly for Physical sweeper, Timid for Special Sweeper)
Now, for Wailord, you could just go with a physical sweeper, unfortunately this moveset doesn't have a STAB move, but it probably works best for Wailord. Wailord has a bit more lastibility than Sharpedo, but it doesn't have as good of a movepool or versatility when compared to Sharpedo, and it also lacks Sharpedo's raw power. Wailord can serve as more of a tank though.
Curse
Earthquake
Return
Rest
@Leftovers.
Go with a + Attack, - Special Attack (Adamant) personality for this moveset.
You could use a Special sweeper Wailord, which would have Surf and Ice Beam, along with Rest and Sleep Talk, but I think that the physical sweeper set works better!!
It is hard to say which Pokémon is better without seeing the rest of your team. I prefer Sharpedo, just because of its power and versatility, not to mention its good movepool. However, if your team needs something that is more of a tank, then Wailord could fit in with your team.