Lubricating jacketed bullets?

I recall an article written by either Mr. Taylor or Mr. Paco Kelly on the matter. The gist is that a jacketed bullet can benefit from some type of lubricant.

I believe that the lubricant used for the jacketed bullets was liquid ALOX which was allowed to dry for 24 hours.

In the past I had a bottle of Rooster bullet lube. Over time this solidified thus was thrown out. Thus, I do not have any liquid bullet lubricant in the house. Along with the great dearth in reloading components, at least here in the Northeast, I was wondering if this would work in it's place?

I have a large quantity of homemade lubricant/leather preservative. This hardened lubricant is made of three equal parts of olive oil, deer tallow and beeswax.

I was thinking of melting some in a double boiler on the stove and tossing in a box of .458 300 grain JHP bullets for my 45-70. After they are thoroughly coated, drain them and let them dry on some tinfoil.

Ironically the plan sounds almost like a recipe.

So. What do you think? Will it work? Will it cause problems? Is it wasting time?

I do appreciate all answers. Thank you.