Awesome, let me know how it works. I think I'll do something similar this weekend when I have a little time. I have some Clubman wax, some essential oil that a friend uses for his beard, and a Tea Tree Oil mixture that I think I'll experiment with.
Ended up making myself a batch and so far it seems to be working pretty well. The ratio of oils to waxes favors the oils quite heavily so it gives good conditioning and moisturizing properties but doesn't offer much in the way of hold. I could simply change the ratio if I was after more hold, but what I was aiming for was something that was in solid form at room temp and then quickly converted when rubbed in the hands.
I didn't put any essential oils in mine, just added some fragrance oil...well because I like things that smell nice.