Bill Judt wrote an article a while back called the SSW method. It stands for 'Sanding Sealer/Wax'. It involves a base-coat of quick-dry Sanding sealer followed by the application a '000' steel wool to smooth the surface, followed by a top-coat of hardwood floor 'paste wax'. He rates this as an excellent finish for relief carvings. Similar to what I use with shoe creams. He also rates other finishes such as; Oils-poor, Beeswax-poor,Tung Oil-good, but limited usefulness, Varethane/Urethane-poor, Paint-good, Shoe Polish-good-very good, Stain-poor-good, Lacquers-fair-good, SSW Method-excellent. If you want to read the article go to
http://wwwoodcarver.com/Articles/SSWFinishMethod.pdf
Ric