Sean
Waxing reduces flexibility while making the fabric waterproof. For wax most folks go with either microcrystalline wax, paraffin, or beeswax or some blend and add linseed, mineral, or tung oil, and possibly mineral spirits. The mixtures are endless but for clothing you are trying to keep the fabric flexible while tarps you are less concerned with that and want long lasting waterproofing. When you research recipes keep in mind a lot of them are for tarps. Beeswax is the softest, followed by microcrystalline, and paraffin. Beeswax is the least durable, paraffin is better in this regard and microcrystalline is the most durable. Linseed oil is probably used because it has been widely available for over a century. Tung or mineral are probably better.
I think you just have to experiment and see what you like. Youtube has more videos about making it than you'll care to watch. Good luck and let us know what you come up with.