suemarkp, bird shot in gelatin is well documented already and a terrible performer. The only benefit of the wax is in keeping the shot together until impact so that all of the shot can hit at medium range.
PabloJ, I understand your concern and I agree that #1 or low recoil 00 are the best choices for defense. We won't be firing wax loads through a dirty barrel with obstructions.
mgkdrgn, the reason that it is inadequate performance is that "hole" as you describe it, might not be placed on the bad guy's chest. If his arms or other objects are in the way, the pellets have to traverse those objects before reaching the chest. If you have to take a shot from an oblique angle or if your attacker is unusually muscular or obese, that can prevent the pellets from reaching vital organs as well.
It's also important to consider that gelatin shows exaggerated TSC damage. Those pellets aren't moving fast enough to cause significant tissue damage due to stretching but the gelatin still reveals the extent of the stretch. In other words, most of the damage that you see in the gelatin would not be actual damage in tissue. The only real damage would be the myriad of tiny holes caused by the passage of the individual pellets.