I've done it... and here's what you probably want to know before you start -
1 - melt both in separate containers using a double boiler, then mix in a third. Don't be afraid to try a few other ratios, but 50/50 holds up in Florida summer time heat in my car... still need to test in colder weather and adjust... have a feeling it will end up closer to 20-25% wax, 70% crisco and the rest lanolin (see below)
2 - You MUST mix/stir constantly once it starts cooling - otherwise the wax will separate back out and you'll have layers... I used a plastic fork, worked well.
3 - Don't be afraid to re-melt a little and re-mix if you end up with a solid hunk somewhere....
4 - the result will be like a stiff chunky kinda hard mashed potatoes. Works great... but it isn't sticky/tacky. Consider adding some lanolin but not a whole bunch (I will be next time I make a batch, which will be soon 'cause I think the wife threw mine away yesterday.... )
5 Mix in small batches, measure as best you can, and keep notes - when you find what is "perfect" for you, you'll want to be able to duplicate it.
The oil softens and provides lubricant - the thinner the oil at room temp (think veg oil vs. high end olive oil vs. crisco) the softer things will be.
The beeswax hardens the mix and can help protect bore etc (you still need to clean!)
The lanolin will make it sticky