What I worry about is what Richard said ("the bearings were worn out due to the balls being gummed up and skidding in the races."). Gears shouldn't be a problem. There should be enough pressure to force it out from between the teeth. Kerosene, varsol, or any petroleum-based solvent seems to do a good job on the outside, softening the wax to the point where it can be brushed or wiped off, but I can still see a coating and occasionally large globs of the stuff inside where I can't reach it with a brush or rag. It's softened but not removed.
I could try a longer soak, or the boiling water trick, but the safest course seems to be to dissemble parts to the point where they can be brushed/wiped/scraped and inspected.
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