1:4 makes a past about as soft as Chapstick. In fact, that is the ratio I use in the winter for home made lip balm. For a nickel I can make all the lip balm a guy can use in a year!
I also used it as patch lube on my muzzleloaders, treated my browned metal parts with it to stop rust, and polished wood with the same mix.
In the summer I go to a 3:1 ratio so that it is less runny.
Alternatively, you can just heat the wood slightly and rub in straight beeswax. With olive oil, sometimes when the wood gets hot it will sweat oil and get gummy.