The following literature may be useful for your research

Non-conventional bio-derived fuels have been evaluated for use in hybrid rocket motors. Tests were conducted at combustion pressures in the range of 100 – 220 psig and thrust levels of 40 – 170 newtons. Beeswax was tested with oxygen as the oxidizer and showed a regression rate at least three times as high as traditional hybrid propellant combinations such as hydroxyl-terminated polybutadiene (HTPB) and liquid oxygen (LOX).

In the context of depletion of Parafin (an expensiive fuel) , a fuel obtained from petrolium sources, the search for alternative source of enery has become pertinant.   

Ref:Putnam, Scott Grayson, "Investigation of Non-Conventional Bio-Derived Fuels for Hybrid Rocket Motors. " PhD diss., University of Tennessee, 2007.

trace.tennessee.edu › ... › Graduate School › Doctoral Dissertations › 269

It should be carefully evaluates, as option. I would not suggest to use beewax for a propulsion unit for several reasons.

First, the feedstock capability. If you are planning a full-scale launching system for production, are you sure you can provide the adequate capability?

Second, the composition can vary between lots while paraffin cuts have repeatible features. Entrainment is very dependent on wax properties. Paraffins are well-defined alcanes, which grant the best H/C ratio (good for specific impulse). Beewax is a mixture of Hydrocarbons of different chain length, esters, acids, etc. (look at the reported link). Maybe, the oxygen in the molecule can help combustion within the boundary layer flame structure.... but it must be checked.

Finally, ageing and mechanical properties should be evaluated. You have double-bonds in the molecules ... they might degrade.

That's my opinion but consider that there are not complete studies on that. There is room for research.

http://link.springer.com/chapter/10.1007/978-3-642-71458-0_5

Using fully hardened industrial bio oils will likely provide greener alternatives to paraffin that will be a lot more uniform in their parameters and a much lower cost than beeswax. All these waxes, hardened oils and petroleum fractions burn differently, so it is hard to say which are likely to work well in a hybrid a application. Dimensional stability, mechanical strength and high enough melting point are some likely obstacles.