Decided to test the bottled solution on a section of chain. This is after the alcohol completely evaporated. Brushing the chain removes the external wax/PTFE dust. When articulating the chain you can feel that the solution did get inside. Obviously not as good as a hot wax, but you can definitely feel the before and after difference.
Question for Dave, what would the wax look like after the naphtha evaporated? As you can see with the alcohol there is nothing besides wax/PTFE residue.
