The key to applying wax to wood is not to let it dry before polishing.
Applying wax to the checkering is not something you want to do on a regular basis...let it dry in the checkering and you'll have a white mess om your hands. If you use wax on your stock it's pretty much inevitable you'll get some in the checkering. It's always best to have an old tooth brush on hand to quickly brush it out.
Wax can be lightly applied to the checkering with an old soft tooth brush and quickly removed with another.
Some recommend wax on the metal...I recall reading about it in an outdoor book when I was kid. I tried the Johnsons wax on my guns when young...worked okay but nothing is really a good substitute for oil on metal used in the outdoors.
Renaissance wax is more of a curators wax...it's great for anything you use it on in a controlled environment like a museum. It will offer some protection in the field but not as much as a high quality wood wax.
