Waxing over petroleum based dips isn't a problem. Many people fail to recognize the difference between paint and petroleum based dips. Paint changes chemical composition when it "dries". When paint is cured, you need special chemicals to remove it.
Petroleum dips do "dry". The solvent evaporates and leaves the solids (tar like) behind. If you want to remove the dip, you can "re-dissolve" it by applying some of the solvent you used in the first place.
It might be possible to "burn" paint with hot wax. I don't know. But it would be nearly impossible to "burn" petroleum dip with hot wax. I do know. I waxed over dip on a number of occasions. Here's the oddity. Wax is petroleum, and liquid wax is liquid petroleum, and liquid petroleum will dissolve dip. If you wax over dip, you will stain your wax with the dip.
I never noticed this to be a problem and often wondered if I couldn't make some colored wax just by adding a tablespoon full of dip to it.
Is that truly stupid? For the sake of argument, what exactly would it hurt?