It probably would eventually move outwards after some smokes. I've just noticed when waxing mine that if I lay on the heat too much it gets a dull sort of look and sinks in, but if gently applied it retains a sort of glossy look. Meers can take a lot of wax. I probably did 5 or 6 layers(warm the pipe, spread wax and then apply heat to sink it in) so I wouldn't worry about too much wax. Technically if it had way too much wax it would eventually seep into the inside of the bowl and you would taste it, but I highly doubt you would get to that point.What happens if the wax goes too deep into the pores? Wouldn’t it eventually smoke out after several smokes? I’m not too familiar with Meerschaum but I’m definitely a convert after I was gifted that Kaywoodie Meer. I think my next new pipe purchase will be a Meer. The coloring aspect is a huge plus but I love how they smoke, given the pipe has an open draw. That was my biggest turn off with the Meers that I had before the Kaywoodie, the draw was so tight on all 3 of them, I never wanted to smoke them. I open up my briars all the time but I’m not comfortable modifying a Meer.
I drilled out my Altinay lattice billiard and just used a drill bit and some pliers. It's so soft it was quite easy and safer than a drill. Went from 1/8 to 9/64 and it smokes like a champ now.