I make my own beeswax so id use that.
but any hard wax would do. if you intend to go with fiddes (fiddlers, sorry couldn't resist that one) then give it a go with that, the oil won't soak in to the finish but a good buff will leave the wax behind.
I need to do similar to our much loved and charished pine kitchen table (my farther made it when I was a child, it's got notches in the side where I attacked it with a dinner knife, it's split a bit and it's started to cup, I don't care, it's perfect to me) and will most likely sand it with the ROS then wax it, I might fill the cuts with epoxy first so it preserves the history.
I'm from a different background, I've never heard of flour paper, we called it 1500-2000 grit wet and dry and denibbing was called flatting.
Carbon fibre is just corduroy for cars.