I use Renaissance wax often - great stuff. Have not tried it on metal ferrules - thanks for that idea.Carnauba will not hurt the silver or any metal, it will just need to be buffed to thin film. a microcrystalline wax, like Renaissance would be a better choice. Sandpaper, ummmm... micromesh can be used on finished silver, but not the best choice. A jewelers cloth would be better.
On dented silverwork... I seem to be getting lots of dented bands and caps lately. But, honestly, it will cost you more for me to repair a dented band than if you just have me make you a new one. Please talk to me before someone mails me a dented band. It cost me more to return that thing if one just shows up in my mailbox. Nothing infuriates me more than someone sending me a pipe without discussing prices... and then they just expect me to pay for shipping to return it. But, this is just my side rant. Who the fuck just mails off their pipe to someone without discussing the work? Then demand I mail it back with insurance, ha ha.
I can't imagine having a silver band with original stampings replaced, especially one like this with 1897-98 hallmarks, but I have seen people do it. I generally use a heat gun to loosen the glue, then slip off the band to polish and rarely, to take out dents. Very few dents on old pipes bother me much, nor does even patina; in fact, I've been testing cleaning off ugly patina, then re-adding better patina - poor results thus far.
Regarding sandpaper - I look at any old pipe like this as something where, if I have any doubts at all about removing original material, I don't. For a pipe that has survived 125 years, any intrusive work can wait until I'm absolutely sure. But beat-up silver rims do kind of bug me.