I cant speak for others but depending how energetic I am I do it one of two ways.
While your lube mixture is melted I dip the bullets in up to the level of the top ring, dont dip them for too long or it heats up the projectile and the wax melts of it again, just in and out and place on a hard surface.
I have also made the lube up in to patty pans and rubbed on the grooves and smoothing it off with my fingies as well. I always place a small amount in the base of the bullet as I believe it helps in expansion. This mixture I have found works well and barrell is easy to clean after shooting all day.
BTW the lube makes your hand nice and smooth and can be used as a lip balm on them cold days. If mixture is a little stiff ie cold day or area try putting in a couple table spoons per pound of extra virgin olive oil in the lube you have mixed up.(adjust to your likening).*
Youll find lube recipees are like a$$holes every one has one. My advise limited to what it is, make some up and try it, if it doesnt work try another. A friend on mine uses lard and parraffin wax (oil), others use plain lard, some use beeswax and olive oil. As I said what ever works the best for you. In the states you have stuff called moose snot and other weird sounding stuff plus a variety of commercially available goodies, out here in the colonies its easier to make our own up.
cheers
Rob
* when melting beeswax and goodies up do so over a double boiler, never melt beeswax over a naked flame it is very flamable when heated!!
Remember if you muff it up just remelt and add more ore less of what you need, ie too stiff remelt and add oil or lard, too sloppy remelt and add more beeswax.