I have diluted this in the past, to use in a spray bottle. Ed Harris' recent discussion in The Fouling Shot got me to try it again, this time at one tube to 4 l. It won't dissolve. After shaking it looks like the appropriate skim milk colour, but separates into two layers very soon after - hours, not days. I tried adding some isopropyl alcohol, hoping for some inter-miscibility. No luck.
The tube was a year or so old, but I don't expect wax to age.
Any ideas? I'm just going to go out and buy another tube, but the local large store is out of stock at the moment.