There has been a few products over the years that run a similar idea and have worked well, Waxoyl was very much like your idea but used parrafin instead of beeswax.
Maybe a combination of beeswax and lanolin would be the "bees knees" (sorry, couldn't resist) in rustproofing.
The biggest failing in all rustproofing applications is usually how it's applied. I remember doing "Rust-rid" in our workshop back in the 80's, the product was good, the equipment was probably the best to this day, but "Rust-rid" only allowed 1xhour and 1 litre of product per vehicle. I used between 3-4 litres per vehicle and took 3-4 hours plus cleanup.
"Rust-rid" came down to "set me straight", but the workshop owner backed me up. He told the Rust-rid boys we were a small country dealership on the oceanfront, and it was more important to do a good job than a cheap job because our reputation was on the line. Top Boss.
20 years later the local cars we had rustproofed were still puttering around town in the salt spray mist, while cars of visiting tourists with "Rust-rid" stickers on the back windscreen were a running joke - the only thing that didn't rust was the sticker.
In my opinion fish oil works the best (don't know where to buy rust-rid nowdays, they went broke) - but fish oil needs to be applied every 5 years, or when you can't smell it anymore. No need for the stinky stuff - deodorised works fine, just a light non fishy smell.
Case in point was my aunt's '68 Mini panel van - these things would rust out if a dog pi$$ed on the wheels, but she fish oiled it every 3 years for 34 years of ownership and parked it morning and night by the surf beach for fishing the gutters for whiting, flattys, jewfish, salmon or taylor. The thing copped more salt spray and less washes than dole-bludger surfie, and was always full of sand, fishing tackle and wet beach towels. When she sold it, the only rust on it was some surface ginger on the roof and bonnet where the paint had worn thin from being parked outside it's entire life.
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