making waterproof wax

[MarkinLondon]

I've just had a few drawstring pouches made up from pair of denim bluejeans and after reading around found a recipe for making waterproof wax that mixes beeswax:white spirits:linseed oil at a 2:1:1 ratio (calculated by weight.) I didn't have any linseed, so I used the pure neetsfoot oil that I would normally use for leather. If it works well on the pouches, then I'm going to consider using it to touch up a Barbour coat. I made up a small tin, and ran a test on a scrap tshirt by rubbing it on and heating it with a hairdryer. The scrap holds water pretty, but still smells like the spirits.

Any comments on the recipe?
any comments on its suitability for my Barbour?
When will this crazy spirit smell go away?
How many tratments should I do? Just the one?

thanks in advance