Thanks for the replies, lads.
Yeah, I'm aware of rust cancer. I'm not looking to stop it - the wax ain't gonna do that. Even if the tube were pristine, anything to be gained by waxing it? More of a way of dealing with the dew forming on the tube.
Astro_nutt, thanks for the suggestion of checking and dealing with the existing holes in an OTA. Capillary action under washers and nuts would make these areas a magnet for water to get sucked into and cause damage.
If only I could afford a CF scope...