Yep. If you've got two wheels don't worry about loading up your first wheel pretty heavy with carnauba. The second wheel will take off the excess, just be sure to clean the final wheel from time to time so wax doesn't build up. To clean it take a scrap piece of wood an shove it into the wheel so the corner of the wood catches the extra wax.
Do everything the way you do now, except load your wax wheel pretty heavy, lay wax on the pipe pretty heavy, and then heat the whole thing with a heat gun just enough to melt the wax. It will seep into the pores better.
After the pipe has cooled, buff and polish it again to take off excess.