I’ve refinished two meers and used white beeswax to good effect. You don’t want a thick layer on the surface, it should seem like none is left. Think of waxing your car.
When I was in the Air Force stationed in Adana Turkey I spent a lot of time learning how they do meerschaum. They clean the block and then soak it in water. It makes the block soft and will carve like wet chalk. I watched a 12 yr old boy carve out a full pipe with vines and grapes on one side in about 45 minutes. When the pipe dries the meerschaum is hard as a rock.
Plain white beeswax is sometimes applied to the pipe. It helps in two ways. First it keeps dirt and oils from hands soaking into the pipe and soiling the finish. Second it can help with coloration as tars etc. permiate the wax while the pipe is being smoked.
The wax is heated and applied to the pipe. Excess is wiped off. The pipe is smoked to get the wax to melt into the meerschaum.
You have to be cool with it all because excess wax can be sticky and your finger prints can get on the pipe. IMO you should hold the pipe by the stem for the first couple of smokes. Each time you are finished take a smooth cotton cloth and wipe off any excess. Then take a clean cloth and polish after it cools off and dries.
Another thing to remember is that all meerschaum is not created equal. Just like briar there are different grades (quality) of meerschaum. Higher quality means more and even coloring. Most buy their meerschaum pipes sight unseen except for a picture. It takes an eye and experience to select top meerschaum.
The few meers that I have left have cake in the bowl. It can help with coloring. I treat them just like my briars and trim it back as needed.
I make my meers, wax them lightly then enjoy them. Don’t pay any attention to the rumours and gossip about meers. Smoke em and enjoy them. Every meer is different. life is short, enjoy.