I have never waxed my edges but I know I have on occasion done a light sanding.That was mosty on my older drums where the edges were rough as could be,but i did notice an improvement when the head was being tuned.I would assume a wood polish such as orange glo might do the job.

I also have applied only the sandpaper method, not wax (yet).  Whenever I change heads, I run my finger over the bearing edge several times in order to detect any imperfections that might cause the head to not lie evenly or not move smoothly across the bearing edge.  I then use the lightest grade of sandpaper possible and the least amount of sanding necessary to correct the problem, leaving a very smooth, even bearing edge.  

In particular, I found a very slight ding or two which had to be smoothed out on my second hand kits.  But I have not used wax, nor have I found it necessary to do so.  

Still, I'd like to know if others have experienced a significant  improvement from the wax.  If so, maybe I'll give it a try.  But it hasn't seemed necesssary.        

I had a new head that just didn't want to tune right. I took the head back off and rubbed a birthday candle on the  bearing edge. Put the head on and it tuned right up with no hassle. So there must be some truth to using wax when mounting heads. I was impressed even more with this site since this is where I read about it.