If the server already exists, the issue is more about the best way to connect it to the client, than whether or not to use GWT. For example, if you want server-push rather than client-pull for the updates, that changes things somewhat. However, assuming you need to do some vector graphics, and pull information from a server (I'll assume that you can use either JSON or XML to get server information), you could use several different JavaScript toolkits to do this directly, without Java or GWT needed at all.
For this type of application, Dojo would be one fair option. It has fairly good portable vector graphics, it's pure JavaScript and it is finally at a stage where documentation is OK. GWT would be a useful bet if the server didn't already exist, and where you wanted a decent set of controls usable on the client side. But for rich graphics, I'd look at JavaScript options like Dojo, Raphael, or even jQuery. Dojo does support line charts, and that might be a good basis for waveforms.
Some of this depends on the nature of the server. If it uses a different protocol from HTTP, or doesn't really provide easy JSON or XML access, you're probably better looking at a client-server package that does make the bridge between client and server simple.
GWT might be an option here, but it is designed more for robustness than for very fast development. And if you are fitting with an existing protocol, it could be a fair amount of work.