Yes, I use mink oil when I want to soften leather. That's the difference between wax based sno-seal and oil based mink oil. Beeswax doesn't soften leather you don't want softened. Good stuff though for what it's made for.

After doing some searches, I'm finding all sorts of leather waterproofing recipes and methods. Even Johnson's floor paste wax is used by lots of folks. Heck, why not? It's got all the right ingredients.
I'll probably just start making my own "sno-seal" type stuff since there is really not much to it.