I found a lot of references to the AI of the ghosts in Pacman, but none of them mentioned how the eyes find their way back to the central ghost hole after a ghost is eaten by Pa
dtb23's suggestion of just picking a random direction at each corner, and eventually you'll find the monster-hole sounds horribly ineficient.
However you could make use of its inefficient return-to-home algorithm to make the game more fun by introducing more variation in the game difficulty. You'd do this by applying one of the above approaches such as your waypoints or the flood fill, but doing so non-deterministically. So at every corner, you could generate a random number to decide whether to take the optimal way, or a random direction.
As the player progresses levels, you reduce the likelihood that a random direction is taken. This would add another lever on the overall difficulty level in addition to the level speed, ghost speed, pill-eating pause (etc). You've got more time to relax while the ghosts are just harmless eyes, but that time becomes shorter and shorter as you progress.