I'd be afraid wax might contaminate the epoxy, and make the bond weak.
The last thing I want is a hook hanger pulling out with a fish attached.
I guess, if I were going to try it, I'd just play around with trying to seal the bottom of the swivel with epoxy or thick crazy glue, and then gluing it firmly into the egg sinker ballast weight. That way, I could fill the hole for the hanger/ballast half way with D2T, slowly push the hanger into the hole, and, hopefully keep the epoxy from fouling the top of the swivel.
I'd probably play around like that in a test piece until I came up with a system that worked.
But, so far, the fish that have eaten my swimbaits, bless their hearts, have taken the belly hook, and swung the tail hook into themselves.
One took both hooks, from one of my 10" baits, sideways in her mouth, so she was kind of paralyzed. I skied her to the boat with not much fight, and into the net before she really put up much of a fight.
Good thing, too, because I was in my Tracker 175, and the wind was howling on the rocky point where I caught her. If she had made a big run I'd have had my hands full playing her while trying to keep my boat off the rocks.
She went almost 7lbs.
Oh, the agony.....
I just thanked my lucky stars, and kept fishing.