You know of course that oxygen and water can migrate slowly through these wax coatings, esp if not applied thoroughly. I've read that the standard practice in auto repair shops should be to first chemically convert the rust to an inert and protective coating which prevents any more corrosion in the affected surface, ie, "treat the inside of the panel and any remaining rust with rust converter". The conversion chemicals do not create noxious/hazardous odors.
Lol, wax doesn't add any strength back either.
However, use whatever makes you comfortable. Such a nice and valuable car, if it was my car...I think I would get it fixed properly from the get go.
1989 Milano, Shankle Sport
1991 164S, stock
1994 164LS (~Q)
1972 Morgan 27
previously owned since 1964:
62 Morris MiniMinor 850, 67 Austin 1275 Cooper S (Downton 3/4 race), 64 Giulia Sprint GT (1st red one made), 72 Fiat 128 Sedan, 75 Alfetta Sedan, 78 Alfetta Sedan, 78 GTV, 81 GTV6, 86 GTV6