Hey Gadge, that is pretty much the method he uses with his chains, melts the wax puts the chain in with some wire, lets it immerse for 10-15 mins then hangs it up so the excess falls off.
I thought I would give this a try, so I found an old biscuit tin mixed some paraffin wax, lithium grease and some engine oil. Heated it up until it smoked and put the two primary chains in for about 15 mins. Hanged them both to dry and re-installed after they cooled. I would say both chains were about 1-2 links shorter than previously. Not sure what to make of that.