It depends on what you want. The only reason I add 1/3 beeswax is to boost the melting temp, so it stays a grease even in hot weather, but is still soft enough to use in cold weather. 50/50 gives a much stiffer product that I don't like as well, but works great for waterproofing paper cartridges. You can use straight olive oil, or another oil of your choosing. I was just worried about "pooling" if I used it as a rust preventative in the barrel.
LD