Love how you think LG. Son just yesterday had the welts on his forearm that screamed poison ivy. Had him wash up asap, dump all clothes and take full shower to prevent spreading the oil......tis the season for poison ivy and usually it is the animals that give it to us humans...lol
We made grafting wax a few days ago starting with a parafin wax that is very hard and brittle at room temps so with a bit of reading learned to change that by adding products that softened the wax like coconut oil and petroleum jelly. We were very happy awith the mix having a better softness. For a lip balm I would rather go the route you are taking and start with bees wax...... and add coconut oil.... not sure what the substitute for the petroleum jelly would be but I sure liked the effect of the medium chains in the mixture.
Was looking at the rare seed catalog yesterday and there are so very many herbal plants available to us now....sure wish I had better knowledge. Might start with stevia just to get the ball rolling.