Thanks for all your comment and suggestion,
Here's what I did - its just a simple D bow - very primitive looking, which was my intent. Not even sure the tiller is up to par, actually I'm pretty sure it isn't. So, it was a good candidate for trying something out.
I ended up putting a burgundy stain on it (alcohol based leather die); letting it dry for a few hours. Then applied beeswax using heat on the bow, making sure to get a good coating. I let it sit again for an hour, then using a soft cloth I rubbed it out evenly (using long strokes lightly at first to build up some heat, then buffing harder as the wax allowed). Then using a beer bottle (because for some reason I had two sitting near me) I started burnishing it in. I then hand rubbed again and I have to say, it turned out rather nice actually. I plan to give it another session of rubbing down before putting on a leather or chord handle.
I'm just not sure how well the beeswax will weather - if I had paraffin here, I'd have probably used that. And if there were tallow or lard, probably that. But this was a good experiment anyway.
Thanks again, Mike