It will take some work to get the bee's wax off, but it's got to be gone!
The stocks I've refinished with Tru-Oil have been from bare wood: slightly dampen the wood to raise fibers, sand off, soak in Tru-Oil, buff off with 0000 steel wool (get good stuff, not the Wally-World brand as it typically has traces of oil in it from manufacturing that will contaminate your finish). Keep repeating for at least 3 or 4 more applications.
The result is a satin smooth deep sheen and the more coats you put on the deeper it will appear BUT they key is the first step with raising the grain and smoothing it off.
A nice thing about an oil finish, is that is is repairable should the stock be damaged, simply by smoothing damaged area and re-applying Tru-Oil. A film finish, such as a varnish, is difficult at best to accomplish this.