Here's a good article for you.
http://pipesmagazine.com/blog/put-that-in-your-pipe/slave-to-the-white-goddess/
And here's a helpful thread
http://pipesmagazine.com/forums/topic/meer-changing-color
I'm going to bump this because I am wondering if it is ok to use the yellow beeswax because that is what I have already. Also I remember Storient posting somewhere how the best way to restore meerschaums. Does anyone remember what thread it was?
Don't remember the thread but the yello beeswax realy shouldn't hurt anything. Hell I use burts bees strait bees wax lip balma and it works fine. It is best to apply when the meer I warm. I work it in once a month while I smoke it and then buff the pipe with a cotton rag once the wax cools.