INA 212(d)(3) waiver can in fact go around most grounds of inadmissibility aside being a nazi, and/or being involved in genocide. This waiver is applicable ONLY to non-immigrant visas.

Problem being is that:
The consulate has to agree to your request and actually issue you the visa.
CBP has to agree to your waiver request.
So that's two groups that can say no with basically no appeal avenue.

Problem being that for purposes of permanent residency you're still banned for 10 years. Though you CAN wait it out in US. Get H1B for 3 years. Extend it for 3 more years. Your employer gets you an I-140 during that time. Then you keep the I-140 alive by notifying the NVC every year that you haven't abandoned it, you just have to wait, and use the approved I-140 to get 1 year H-1B extensions until your ban runs out. Once the ban is done you file for AOS.

Basically - your biggest problem is getting back into the country. There were people on immigrate2us.net who were successful in getting the D3 waiver done. You should ask around there.