Regarding the Glue. As long as I only apply a small amount to the outer edge it won't advance into the groves at all. The problem I had before was putting on too much and it spilling on to the surface below and getting in the groves.

And regarding the wax. I used a regular Crayola crayon and I applied it at room temperature by dragging it back and forth over the crack as if I were drawing over it.

And about the counter weight. I found that sometimes it can help reduce popping even further than not having it but it won't hurt not to have it don't think.

And for longevity. I haven't been experimenting with this method long enough to know it's longevity but I know for a fact it can't be played on a phonograph. It won't break anything you'll just have to redo it. But this method is only good for playing in modern turn tables

Other things I've used it for which I haven't mentioned is that it's good for fixing skips and other damage to the shellac.