Well my experiment (1 part beeswax and 2 parts boiled linseed oil) almost ended with real disastrous results this time around and I feel real stupid. I cooked/heated up the mixture on a propane burner (like I have done before), then applied it to what was suppose to be a ground cloth and shelter awning. I let it dry/cure for a few days - inside the shade of the garage. The ground cloth seemed to have a bit more of the beeswax on it, so I wrapped the cloths together in hopes the excess beeswax would rub off/melt into the awning. I set the bundle outside (in the sun) while I did some work in garage - checking on it every 15/20 minutes. After an hour or so of this, I noticed the bundle wasn't warm - it was hot - really hot. I unwrapped the cloths and put them in a tub of water - there was lots of steam with the water almost seeming to boil. After everything had soaked for a good long time, I could see that both cloths had serious scorch marks - parts were stiffened almost like a cardboard - the integrity of the canvas was obvious lost at this point and ruined.
So I've decided to abandon doing weather proof cloth this way, I think I'm going to go with silicon and mineral spirits - per Picaroon Lagoon's suggestion.