Bill, I think thompsons water seal would work excellent. Thompsons has allot of wax in it already!
Phat mentioned oil cloth. I cam across a interesting gun stock finish that uses true oil and Armour all Protectant. True Oil is basically a Linsead oil gunstock finish. The AA acts as a Catalyst and makes the linsead oil dry in about ten minutes.
Another trick I do with Linsead oil is mix 3 parts Linsead to one part shelac. This too acts to catalise the linsead very fast drys in minutes> Might work for what you are doing? Good Luck, Cant wait to see pictures of the tye Dyed hippi tents!