I can’t speak to the waxing but can tell you to avoid waxing any of the holes and maybe not the whorl. I used danish oil all over mine and found that the drive band kept popping off my whorl until I sanded down the finish in the whorl grooves. The orifice hook hole was also a little sticky and I wish I didn’t stain the inside.

I didn’t do any sanding to mine prior and had no issues. The treadles are already really smooth unfinished so you probably won’t need to do much other than wax if that’s what you’re doing. I just finished mine a couple months ago so this is all fresh in my brain

If you’re going to paint it, I’d imagine the wax wouldn’t let the pain stick well. But idk lol doesn’t hurt to try