I would reapply early next year. I'm sure applying late didn't help you this round.
Personally, though, I'd rather study and work in Miami.
Since when was Dec. late, esp. compared to how many people Texas WL's and how long SMU and Baylor take to make a decision? Also, have you ever lived in Texas?
Late December / Early Jan is definitely late if you want the best consideration of your app, and the best shot at admission. Classes fill up pretty quickly, and schools prefer students who show early interest. To get in later in the cycle (Dec/Jan), you generally need stronger numbers.
The fact that some decisions are delayed doesn't really change any of the above. I'm not sure how the Texas WL is even relevant, except that it highlights the importance of applying early so you actually get accepted, and not just on the waitlist.
I've never lived in Texas, but I've visited it, and travelled through it, and it's just not someplace where I'd personally want to live and work. (I don't have a problem with the people or culture, I more just don't like the geography.) I've also visited Miami and travelled through Florida, and that is someplace where I would like to live and work. Obviously, this is a personal preference, but the real question is: Have you ever lived in Miami? You might find you prefer it after studying there. I hope you've at least visited it, so it's a fully informed decision.
But again, if you apply early next year, you should have a better shot at Texas schools, even with the same numbers. Applying early will help, and apps will probably be down somewhat. You can also try to raise your LSAT score if you want, though this may not be necessary.
I would just visit Miami if you haven't already, just in case.