Yes, I have heard of it - tried to see it at the National Archives, but it was unavailable because it was undergoing conservation. I gather that it is a rather tedious devotional book with nuggets of useful information incorporated in it. It is still marked as closed to searchers in the catalogue.
The NRS catalogue description reads GD1/117/3 Notebook containing manuscript reminiscenses by James Waddel in Holehouseburn (1660-1729). These mostly refer to his spiritual state, but include glimpses of the quartering of soldiers in Livingston parish about 1680-1686 and of William Cleland's raising of the Cameronian regiment at Douglas in 1689; and they give a very good impression of the Covenanting mentality.
There is a stone in Whitburn kirkyard, which is pretty hard to read, but I made out Erected An Dom MDC by Ja Waddel of Hollhouseburn who died .... Eliza Beugo his spouse Feb 28 .... Alex Waddel .... his son John .... Agnes Wilson .... his spouse .... Aug .... their daughter .... their other .... of the same .... James Waddel of Crofthead died .... Kath Steel .... his spouse .... their son John Waddel at Braehead died July .... Agnes Waddel daughter of John Waddel died Nov .... aged 3? .... to John Waddel .... Very frustrating!
There is also a document by one H A Forsyth, of which this is an extract James Waddel the Covenanter had one daughter by the second wife named Jean. She married one John Thomson, a proprietor of lands in Feldhouse or Fauldhouse or Fallas (John Clarks') and they had an only daughter Janet who married John Storry of the Badallans in the parish of Camusnethan, the father of John Storry latterly of Burnhead. [H A Forsyth JP FSA, 'Some scribbled notes about the Waddels and the Storrys']
I've looked at the family of William Finlay and Janet Waddell but I can't find my notes at the moment. If I recall correctly their family were all born in the parish of Torphichen. However one of their daughters, Janet Finlay, married Alexander Russell, and their daughter, Janet Russell, married Alexander Simpson, brother of the famous Sir James Young Simpson. The Simpsons' great-grandmother was Elizabeth Storry, whose brother William Storry of Badallan was the father of John Storry of Badallan who married Janet Thomson.
The problem is that this Janet was married in 1741, and her youngest recorded child was born in 1762. She must have been at least 14 in 1741, and she can't realistically have been over 50 in 1762, so she must have been born between 1711/12 and 1726/7. According to H A Forsyth James 'The Covenanter' Waddell of Holehouseburn had one surviving son by his first wife, and a son and a daughter by his second wife, born 1698 and 1699. Janet cannot be his daughter by his first wife, because she must have been born long after he married his second wife. She could, just, be his granddaughter by his son James. James' eldest recorded child, Alexander, was born in 1725, and there isn't a Janet among the rest of the recorded family. Perhaps James was married about 1720, and Janet was an older child whose baptism has not survived.
There are sasines referring to 'James Waddell of Wholehouseburn and James Waddell his second son" dated 2 February 1724, 5 October 1736 and 13 June 1750. If James 'The Covenanter' died in 1729, then the first sasine cannot refer to the same James Waddells as the later ones. Also, although the second son of James Waddell younger was James, he was only born in 1736, and it seems odd to have a sasine referring to an infant only a few months old.
All in all, it is quite a conundrum!