Are you talking about the beeswax finish for stocks? It is pretty easy and yes a stain could be applied before waxing. Here is one, and ash stock with aqua fortis stain and only beeswax as a finish:
The technique is to do your staining then heat the stock pretty hot. You then rub the wax over the stock until it won't receive any more using your heat source to maintain the heat to the stock (the wax tends to harden quickly). Once the stock won't receive anymore wax, stop. You will then have to smooth out the surface, scraping off excess wax, then buff with a rough cloth or wadded up paper to a low sheen.
Whether it is a traditional finish or not is not firmly established.
dp
