My mistake, Stan. The beeswax is used to seal the seated nipples, not the hole. The nipples are lightly seated with the hammer, and then sealed with beeswax.
I found a historical post that describes the procedure ONE individual used, attached below. I had an interest in those doings as a kid, if not the finances to pursue it. I’d bet there were differences in technique, and some guys got better results than others. That said, a 10 gauge percussion revolver shotgun might be a bit more of a hazard than a revolver.
Best,
Ted
Wayne, Mr. Handcock of Richmond Va. of whom father served in the War for Southern Independence had shown him how to load the revolver showed me. First place a cap on the nipple and seat it tight using the hammer to flush it up. When all the nipples are charged primed then take bee's wax and melt it around the cap and nipple to seal the nipple and and the area under the nipple. Use the hammer to be sure the hammer wil contact the cap and nipple for clearence. Then charge the cylinders with the most accurate charge and use a light ring of bee's wax to seal the bullet into the chambers. "Tend to the bee's wax if needed in cold weather and repair any cracks with soft neaded wax and CAREFULLY use the hammer for proper clearence". It works and I use a like method to seal my carry pistols.