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Let's say I have Bow of Loren on a Waywatcher. How many shots do I get if I want to snipe someone?
1 or 2?

Sniper just gives you -1 to hit to gain its benefits.
Does it have Multiple shots (2) or a different rule?

It has the multipls shots(A+1) rule.

Then you may benefit from both rules as long as you take -2 to your To-Hit rolls

You suffer both penalties if you elect to use Sniper and multiple shots.

Bow of Loren on a Waystalker is not worth 20pts. He already has the ability to do Multiple Shots (2). And yes, that can be combined with Sniper, but as others pointed out, it'd be at -2 penalty to hit for both.