I keep some made up for various uses. Take a section toilet bowl wax ring and melt it and add motor oil. Play with it till you're satisfied with it. Sometimes I thin it or thicken it depending on how I'm using it. Good for protecting things or as a lube. Good for holding gaskets temporarily in place and not as messy as axle grease. I keep mine in a tuna can for easy access.
Home made Cosmoline
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I assume you use a new wax ring 
Like Murphys Oil Soap consistency?
I'd suggest less heat and using a lighter solvent than motor oil. If you use a solvent that evaporates, you'll end up with a final application that doesn't make a smeary mess when you touch it, and it'll probably protect the steel better, too.
If you want a really firm coating that won't wipe off on everything, use some beeswax dissolved in white gas. Paint it on, dries quickly to a very firm waxy coating. Obviously, this should only be done in a ventilated area with no fire starters nearby. No heating is necessary, either.
If you don't mind the fumes, dry-cleaning fluid will do the same thing, and most of them are flame proof. Carbon tetrachloride would make an excellent, flame-proof solvent, but it's quite bad for you to inhale.
If you want a really firm coating that won't wipe off on everything, use some beeswax dissolved in white gas. Paint it on, dries quickly to a very firm waxy coating. Obviously, this should only be done in a ventilated area with no fire starters nearby. No heating is necessary, either.
If you don't mind the fumes, dry-cleaning fluid will do the same thing, and most of them are flame proof. Carbon tetrachloride would make an excellent, flame-proof solvent, but it's quite bad for you to inhale.
