Historically, beeswax was used as a bullet lubricant in cap and ball revolvers.
I know I've read a contemporary account that mentions the conical bullet being dipped in melted beeswax before the paper cartridges were placed in their little wooden blocks and wrapped in waxed paper.
It may have been mentioned in the report written by Charles Dickens (yes, that English author) when he visited the Colt's plant in New Hartford in the 1850s.
The earliest reference for greased wads I've found is Elmer's Keith's writings. But since Keith was taught how to load cap and ball revolvers by Civil War veterans (circa 1912) perhaps they showed him the value of a greased, felt wad twixt ball and powder.
Keith doesn't say where he learned the practice, but he much preferred greased felt wads instead of lubricant over the balls.
When using conical bullets, you must sacrifice powder to accommodate the space taken by a greased felt wad. Since conical bullets already reduce the amount of powder that may be used, you end up losing even more velocity.
For conical bullets, it's best to either smear bullet lubricant into their grease grooves (if so designed) before loading or smear lubricant over the conical bullet after seating.
I've yet to find a conical bullet as accurate as a ball of proper diameter (.380 for the .36s and .454 or .457 for the .44s, depending on chamber diameter).
I don't hunt deer or similar game but if I did I'd use a conical bullet because of its greater weight and energy.
Balls work fine for me, as I only want to perforate tin cans or paper, or the occasional cottontail rabbit.
You may wish to read my long-winded article on use of the cap and ball revolver in this site. It includes a formula for the best black powder lubricant I've yet to find.
This lubricant recipe has been named Gatofeo No. 1 on the net. I blush but accept the honor.
You may also order Gatofeo No. 1 bullet lubricant from a gunsmith in Ohio if you'd rather not make your own. An internet search should find him.
I've been away from the message boards for a couple of years for personal reasons. I'll check in occasionally.