I don't use parrafin, I use beeswax, but the concept is the same. If you want to but a little more effort into preparing the finish, keep in mind that waxes dissolve in solvents. Denatured alcohol works, as well as low VOC paint thinner, or turpentine (though that gets pretty stinky) If you disolve the wax in a solvent, it will penetrate more deeply. Alcohol will dry very quickly, while thiner will take longer, but may allow the wax to penetrate more deeply. I make a finish out of soybean oil and beeswax. Soybean oil polymerizes much like linseed oil. I heat the oil on the stovetop until it starts to smoke a bit (keep a fire extinguisher handy and be prepared to slap a cover over the pot, in case it flashes) I then turn off the heat, and add some beeswax. I go with a pound per gallon and last time I threw in half that amount of lard, just because I had some. After it cools, it becomes semisolid at room temperature, kind of like runny Crisco, but it's liquid at body temperature, so it will liquify in your palm as you rub it on the bow. I usually get the bow warm first, then rub the oil in and set it in with my heatgun, or a hairdryer if you're worried about scorching. The last half-gallon I made has lasted me close to two years. Hope this helps.
Julian