Back to the wax,,,,,,,,,,,,,,,,if you just want to bring the stem (and pipe) back to a showroom shine, the Halcyon does a fine job and it's very easy to use. I use Halcyon on stems, smooth wood surfaces and most blast finishes. I find it a bit difficult to rub out on a deeper blast or a bark finish. If you don't rub it all out, it looks a little bit too waxy when you're done, if that makes any sense. It does seem to have a cumulative effect too. In other words, after you have applied it several times, it seems to last longer with each application. Last but not least, a little dab will do ya'. A small jar should last you a very long time. In that light, it's dirt cheap.
Their other product is called Paragon wax and it is suppost to be superior for smooth surfaces. I guess Halcyon is for rough, Paragon is for smooth. I would be careful with either on a bark finish.