First, I'd use OMS (odorless mineral spirits) in place of kerosene as the solvent. It has much less odor (duh) and evaporates more cleanly. Also, acetone is very volatile so store your paraffin mix in a very tightly closed container.
My experience with waxing chains was using hot molten wax, not wax dissolved in a solvent. It works and was very clean but not very durable so frequent rewaxing was required.