Want to be careful you don't lift the glue holding the veneer down.
That said - wax is fine as a finish for guitars - you will need to reapply over time as it will wear off.
The example Strat in the kit area is waxed. DB built it before he became part of the PBG team and they started to sell Wudtone.
http://www.pitbullguitars.com/wp-con...Gallery-05.jpg