I would not advise putting a lighter on the string to melt the wax. If you rub it fast enough with your fingers or a small piece of leather it melts and penetrates fine. I never use Canola oil either, isn't that for cooking. Rem Oil or Non Scented Outers oil, a very light coat on metal parts should be fine. The bow can also be broke down to lube the pivots with grease every year or two. Keep it out of extreme heat during storage.

I never really put my bow away for long periods, I like to practice to stay in shape and to stay accurate.