So first of all i wax my chains.

I love your approach and i would just do it, get a cheap rice cooker, throw in your chains and whatever wax you can source at home (don´t know if that gelcandle stuff is actually wax though)

It will definitely work.

That being said you will definitely start saving money, even after you can´t steal the candles from your grandparents graves anymore. I buy 5kg blocks of paraffin off of ebay for twenty bucks and you often find offers from different sources, like broken down pieces from industrial use etc. etc.

I´m not a fan of the approach to start waxing your chain, but heavily invest in specialized solutions with teflon additives etc. thats just silly if you ask me. paraffin alone is GREAT