I have never used Eezox, although after hearing of it's many virtues I plan to order some. Before applying wax, prior to a rainy day hunt, I wipe down the metal thoroughly with a dry soft rag, to remove oil. then I apply the wax.
Where I think the wax beats oil for water protection is where the wood meets the metal, at the inletting and joining. When you put a good, heavy coat of wax all over these areas, and then buff it off lightly, you have these areas somewhat sealed from moisture migration, for awhile. I know that really good inletting leaves no visible crack between the wood and metal, but we know that it is a potential place for water to creep in, through capillary action. When waxed properly I don't feel the need to remove the wood from the metal every time. Now, if it got submerged, that's another issue entirely.
SRH
