(above) Hah, one of those lubricating wax companies, I had close contact with their parent company 30 years ago.

I think key for wax lube is that it is encapsulated where it remains for lubing, unlike it flaking off the outside. With just a micro-layer contact-melting to lube, it might stay in place. But it may just stay solid, wax against steel, and if supported on all sides, with a decent bulk modulus, will stay in place. The really thin solid wax between the pin and inner plates, where all chain stretch wear occurs, I think if liquifying, that wouldn't last long.

Yes, there are superior materials for bushings, like PTFE ("Teflon"), but I look at it this way: A waterproof-breathable membrane on a raincoat ("Goretex", expanded PTFE with microholes) functions superior to my waxed/oilskin cotton. But waxed cotton coating is infinitely renewable, PTFE is not renewable even once.