I remember when I bought my bow and had it set up at the pro-shop, the guy told me you can never wax your strings too much or too aften...unless you see excessive buildup on the strings or on the cams. I usually wax mine every3-4 times shooting. It will definately help your wax from becoming "fuzzy".

The peep sounds like your new string is just strecthing slightly, try adjusting the knot on your loop, as suggested.