I've found that when I don't use a very hard oil, like cocoa butter, I have to up my wax and then it turns out .... waxy! But I'm sure with enough experimenting you could come up with something satisfactory. It really depends on what "feel" you are going for.
I make a lip balm with equal parts beeswax, coconut oil, and liquid oil (jojoba, almond, sesame, whatever you like). People adore this balm, it holds up beautifully in different weather conditions, and it doesn't go grainy. HTH!
I just made one and for some reason tis gritty!! GRRRR! IDK why. I used candillilia wax (how ever you spell that). maybe I should use bees wax instead! I'm going to try again in a little while, IF the kids cooperate!