Sure you can but you'll need to experiment to obtain the right degree of softness.
The wax is suppose to be the carrier for the oil or tallow lubricant.
The amount of oil or tallow can be adjusted to obtain the desired softness of the lube, which can be dependent on the climate.
Your lube needs to be softened up somehow so may as well get rid of the paraffin since that's harder than beeswax.
It's basically a less expensive substitute for beeswax.
There's a lot of threads about lube recipes but here's one where some folks mention using an oil in the mix: