ORIGINAL: TFOX
For hunting,overwaxing really won't hurt that much but if you are a target shooter and good enough to hit the spot at 50 plus yards it can hurt.
Wax will build up and cause inconsistancies.The wax will constantly be coming off and as the string looses wax,it will shoot slightly different.
This has been proven to me on a shooting machine,by one of the best bow tuners in the world.
I do agree that for hunting,a little more might be a good thing due to various weather conditions but still say that more than 3-4 times aseason is overdoing it.
Great advise TFOX,
I oftenlook at these types of questions through the eyes of a hunter only.