People have used metamaterials to achieve results that seem to violate the laws of physics (such as materials having a negative refractive index [wikipedia.org]). Speculating that such an exotic material could be produced is not hand waving. Just because we don't know how to do something today doesn't mean we'll never figure it out.
Your comparison to metamaterials is interesting. These things work by structuring the medium on scales smaller than the wavelength of the light. On these scales, the laws of geometrical optics break down and one has to use a theory that does not rely on the approximation that all features are larger than the wavelength (e.g., solve Maxwell's equations). If your analogy is valid, this means to find negative masses, we would need to go to a scale where the current laws for the description of matter (i.e., the Standard Model of particle physics) break down. This is generally expected to occur at the Planck scale, which is about 10^16 times larger than what the LHC can probe. So yes, this is pretty much as impossible as things can get.