I was reading up on the SG on the ChasingGame site.( I think that's the right name)
According to them the company claims the SG is not waterproof. But even after letting a hose run on theirs', they had no water leakage.
I don't have a SG yet, but I would think the beeswax could cause more problems that it might help should some of it stick to the remote plugins and such.