John,
Renaissance wax also works as a cleaner, so the surface doesn't need to be 100% degreased. I just wipe the oil off, wipe it again with fiber cloth to get rid of oil residue, then I use the wax.
I use it only for show (like when taking pictures), but for storage and protection I'd go with Jack's recommendation. IMO, wax works great on nickel and caustic blue, but has a "dead" appearance on rust blued guns. Oil makes rust blued guns prettier.
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