I make bees wax candles, so I always have a large amount of it on hand, and I've tried using the bees wax.
It is okay, but I still like olive oil on the entire pipe.....works great for me, and the pipe feels good in the hands once the excess olive oil is wiped off the pipe.
Also, the olive oil gives such a nice patina to the pipe, not too shiny (you should know how I feel about that right?), so for me the look, and the feel is awesome with olive oil.
BTW/ I can't stand this Kaywoodie with the missing stinger...it was a nice pipe at one time, and it is now ruined!