Just a follow up question, Wayne.
Are you saying that rind formation is key to aging a cheddar even if you wax it after the rind has formed? Or is the unwaxed time that you're letting it form the key part?
There are a number of 'keys' to aging cheese;
>Temperature
>Humidity
>Sanitation
>Rind Formation
A rind, whether natural, or artificial, is designed to provide a seal around the inside portion of the cheese.
In your case, if you coat your cheese in wax, you are using a combination of a natural and artificial rinds. There is nothing wrong with that. The only reason I say wait for the cheese to dry first is that the wax will adhere better to a dry surface, and there is less chance of mould growing under the wax if the cheddar is dry.
However, if your cheese is meant to be consumed soon, then wax can be used for aesthetic reasons on an otherwise rindless wheel or wedge of cheese.
My comment about rinds being essential refer to "closed" rinds. All of my wheels of cheese that had open, (not solid" rinds ended up so moldy that they rotted. There where too many nooks and crannies that simply could not be kept sanitary. A closed rind is smooth and easy to clean. A closed rind is able to get hard and forms a darn near impervious barrier to the cheese.