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Lots of us rifle-shooter-persons moly without the wax and steel shot, using the "pill bottle" method. I use Midway moly with excellent results. Put a buncha bullets in a degreased pill bottle (eg., 500 pill generic Ibuprofen bottle), sprinkle the prescribed amount of moly powder into the bottle. Place bottle of bullets into vibratory tumbler with cases and media.
I always polish the excess moly off by tumbling the moly'd bullets in cc media for a few minutes.
The "why" of the reduced velocity doesn't really matter to me; I just adjust my loads accordingly.
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