Is it like these African Block Meerschaum Peterson pipes?
Even if you use a light, thin, museum wax, like Renaissance, it will tend to clog in the “pores”—you may end up with little, opaque, white specks embedded in the deepest nooks; you could end up spending hours with a pointed toothpick digging out excess wax, or have to use a low setting on a heatgun or hairdryer to melt the deposits. If you use a soft toothbrush, you might be able to gently buff the surface by hand.
You’re probably better off just contacting the high spots with the wax on your fingertips. With the contrast of the dull recesses and shinier high points, the depth may be perceived as being greater than if everything is shiny. I would avoid using a rotary buffer.
But, your pipe, your choice.