Maybe, but you'll have to be careful as it soaks up too heavy into the wad unless you wipe them individually rather than dipping them.
I use a mix of equal parts beeswax, Crisco and mutton tallow and melt it and then carefully roll the edge of the wad in the liquid while stuck on a scratch awl. Any lube on the top or bottom of the wad, and any that soaks in, is just added weight and slows the shot down.