So the recipe I found (cant remember where I found it, but I did write it down...).
Equal parts:
1)Tung Oil, Boiled Linseed Oil or Safflower Oil (High Linoleic, not High Oleic Acid Safflower Oil)....all are drying oils
Tung Oil better water proofing and anti-mildew properties
BLO- easier and cheaper to get than TO but, dries with a slightly yellow color (when used straight)
High Linoleic Safflower Oil-dries like the other two, more expensive (unless you have it already), its typically sold for use by artists (painter type).
2)Parrafin Wax/Beeswax or cheap dollar store candles, Carnuba wax is also an option and maybe used with the other waxes.
3) Turpentine-nuff said, I think its main purpose here is to be a solvent for the parrafin wax as parrafin likes to cool hard.
To make:
warm wax to melt
add oil to melted wax
re-melt wax and oil mixture then add turpentine
DO NOT USE AN OPEN FLAME during the melting and mixing process.
Another variation of above:
4 parts parrafin wax
2 parts carnuba wax
2 parts beeswax
6 parts High Linoleic Safflower/Tung/BLO
6 parts Turpentine
1 part Borax (acts as wood preservative)
and the last and simplest recipe.....
4 to 8 parts drying oil of choice (TO, BLO, or HLSO)
1 part Beeswax
adjust the oil to beeswax ratio to get consistency desired
all form a paste that can be applied with a pad once cooled, I store mine (well normally, I need to make more) in a cheap plastic Ziploc brand tub/container. For fresh applications on new tool handles I heat the mixture to liquify again and coat the tool handle pretty liberally and repeat several times, waiting 10 minutes or so to wipe off the excess. The tool handles are not slippery to hold, but do not use the mixture on moving parts as it will cause gumming of things like bandsaw guides etc.
Re-apply as needed, I use one of these mixtures on my lathe chisel handles, chisel handles (Japanese type, and Stanley Sweetheart, and TwoCherries wood handles, hammer and axe handles, shovels, rakes,etc...by now you guys probably get it.
I usually keep beeswax around the shop for use on screws, a little beeswax along the first 1/4 of the screw from tip to the head and they drive into wood much easier than bare metal.