1. To prepare hollandaise, place butter in a small saucepan over medium-low heat; cook 5 minutes or until completely melted. Carefully skim solids off top with a spoon; discard solids. Slowly pour remaining butter out of pan into a small bowl, leaving remaining solids in pan; discard solids, and set clarified butter aside.
2. Combine 2 tablespoons cold water and egg yolks in a small saucepan, stirring with a whisk until foamy. Place pan over low heat, stirring constantly until mixture thickens slightly. Gradually add 1/4 cup clarified butter, about 1 tablspoon at a time, stirring with a whisk until each addition is incorporated and mixture is thick. Reserve remaining clarified butter for another use.
3. Stir lemon juice and 1/8 teaspoon salt into butter mixture, whisking until blended. Remove pan from heat.
4. To prepare sandwich, snap off tough ends of asparagus. Cook asparagus in boiling water to cover 3 minutes. Drain and plunge asparagus into ice water; drain.
5. Add water to a large skillet, filling two-thirds full; bring to a boil. Reduce heat; simmer. Break 1 egg into each of 6 (6-ounce) custard cups coated with cooking spray. Place custard cups in simmering water in pan. Cover pan; cook 6 minutes. Remove custard cups from water.
6. Place 1 ounce ham and 1 poached egg on each waffle; sprinkle eggs evenly with remaining 1/4 teaspoon salt. Top each serving with 2 asparagus spears and 1 tablespoon hollandaise. Sprinkle evenly with pepper.