I use part one. I typically mix in some mineral spirits to help
penetration on the first two coats. I also sand with 600 grit W/D when
applying. This type of mixture is sold under many names like Danish
oil. Mixing your own is simple and can save lots of money.

I've never tried the wax thing. Sound like something James Krenov uses.
If it's good enough for him, it might be worth trying.

MB