If you ask 10 different pipe smokers about meerschaum pipes; you'll get 11 different answers. LOL First off it will be your pipe, so you smoke it how you want. Second, it's your pipe, so smoke it how you want, and finally, it's your pipe so smoke it how you want.
As for me, I've been smoking meers for the last 9 years steadily, and for a time I was only smoking meerschaum pipes. In the last 9 years I've owned about 40 different meers, and currently have my collection down to 20, with 18 that I smoke regularly. I smoke my meers the same way I smoke my briars. I'll handle mine with clean hands, I'll smoke them outside, and I'll travel with them. They can be fragile, but they're still a sturdy pipe, so you don't have to baby them. Unlike my briars, I've smoked the same meer multiple times a day over multiple days, and it's never an issue as they don't require rest like briars do. You don't have to wax them, but you can if you want. I've re-waxed a few of mine over the years. I'll use alcohol on the stem and lightly on the shank, but only use water to clean the bowl on my estate meers when giving them a cleaning upon arrival. If mine develop some cake, I'll take a small pocketknife and carefully scrape out the cake.
With that said, I'll say again, it's your pipe so smoke it how you want. There are lots of great meerschaum carvers around, so there are some great pipes out there to be purchased. A good place to look is Meerschaum Market. They have lots of pipes by some incredible carvers and some great quality pipes.
Just that every meer is unique — I’ve had winners and losers in most every category, so like so many things, the meerschaum journey is an experiment and a learning process. Some of my best and most favorite meers were inexpensive estates, as well as pipes crafted by F. Baki and I. Bekler.