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Emmert's Home Mix (50% pure natural beeswax, 40% Original Crisco and 10% Canola Oil) makes a very successful lube for Black Powder. I have since modified the original formula by reducing the Canola Oil to 5% and adding 5% Anhydrous Lanolin. The lanolin makes the lube stick to the bullet better over time and does a slightly better job overall. Be sure and use a double boiler to melt it to avoid overheating the lube. Over heating will KILL it for bullet lube. Your receipe is almost the same as mine, and I've been using mine for years.
You may substitute olive oil for the canola oil, the olive oil has a higher flash point and works very good as well.
The trick is to keep everything natural, no oil based products (vaseline). The crisco is vegetable based as well as the olive oil. The beeswax, because of it's exposure to the honey, will naturally repel bacteria, thus prevent the lube from going rancid and drying out.