I wax my string about twice a year and my string builder says that is too much.(my strings last longer than I usually keep my bows,2-3 years)He is also a world class tuner and has done extensive test on the effects of wax on accuracy and on a target bow too much wax is definately a detriment to accuracy at extreme distances.

On a hunting bow that is introduced to bad conditions over and over, wax is very important in keeping the string conditioned so it won't frey and become weak.