lanolin can be used, but it won't replace beeswax. BW hardens up your balm - whereas lanolin cannot do that because it's not. hard, that is.
if you are making a softer product that goes into little pots, that's fine - but if you want a twist up stick, you have to have a hard product. you can use beeswax, carnauba, candelilla, and some types of soy wax.
