I think one real concern will be what effect does the bees wax have on the color of the textile, or as g.pennell said, how much mess will it create. The beauty of textiles, to me, is their color. I would hate to ruin that.
I built a bag for a friend back in the early 70's using a late 1800's (it may have been older then that) heavy curtain (think tapestry). The textile was nothing short of amazing and I wish I had pictures of it but alas such is not the case. I played with that stuff for about three weeks before I tod him the only way to do this is line it with something like "waxed cotton" similar to what Barbour uses in their coats. Took me a good bit of searching back then to find the material but that was what I ended up doing. It worked quite well. Unfortunately, that person has passed away without me knowing as I would liked to have bought the bag back from his estate. It has passed into obscurity...…
I would go with a waxed cotton mid weight fabric and glue/sew it to the tapestry during construction of the bag..... As opposed to bees wax.
JMHO