I've tried wax seasoning in the past, and it burns off(or evaporates?) before it volatizes properly to leave a carbon layer behind. If beeswax will cure like grease does during the seasoning process, it shouldn't be sticky when it is done, it should leave a hard shiny layer of carbon, like grease or oil does.

Raw beeswax would not only leave a honey taint in the next meal, but would also put a layer of melted wax on the top of whatever food you cooked, assuming it was applied to the inside of the pot.

Usually mfrs put a coating of food grade wax on their cast iron pots and pans before shipping, the idea being to keep them from rusting in transport and storage. The wax is removed by the end user either by washing in hot soapy water (one of the only times I would agree that soap and water should be used on a cast iron pot), or burned off on the grill or fire, which is the way I prefer to do it. The wax doesn't actually burn off, but it volatizes completely, leaving behind virtually no carbon when it is done. The metal is thus unprotected and will rust up if left exposed.

If a pot is so rusted out that it has developed scaling fissures beneath the surface, it will usually require some wire brush work at the least to get it to bare metal again. I've only seen a pot get that bad once, when someone used a camp oven as a flowerpot. It was agreed that it probably wasn't worth it to try and recover it to cook food in. Usually, the worst I see is a very badly rusted surface with maybe some food or seasoning residue, but it is all surface rust with a slight patina underneath. A good scrubbing in a hot water and soap bath (the only other time I would use soap and water to clean cast iron) will remove the surface rust, usually leaving just a light rust stain on the metal. I will grease the pot inside and out real good, then smoke it off on the fire till it is nearly all burnt off. Doing this allows the grease to actually work under the rust patina and lift it out the pores. Washing the pot in hot water again usually removes the rust stain from the pot, and I can then start a new seasoning coat on the pot. Sometimes on really stubborn stains it will take a couple of good grease burn-offs to pull all the rust out of the pores, but the end result is a pot that always comes out nearly good as new for me.

This is the simplest, most straightforward, and quickest way I know of for bringing a weathered pot back to usable form. That's why I let one of my pots get all rusty and crusty, so when I do demonstrations I can show folks how easy it is to take care of them, and how durable they are.

Electrolysis, chemical dip, a wire wheel on a drill, sand blasting or scouring, and a whole bunch of other techniques I am sure will work just as well. I prefer to keep it simple and do it like most folks have been doing for the past couple hundred years, when all they probably had was soap, grease, and fire to work with.