Something is happening during the heating process, The Shrink. I read the explanation months ago but only bothered to retain that it is necessary. It takes nearly that long to get the soap dissolved in the hot oil, anyway, and I had powdered the soap in a food processor to get it as fine as possible.
I made a 4x batch using two pounds of beeswax and cast it into sticks using appropriate diameter aluminum tubing as moulds and got about 40 sticks. The sticks were then individually wrapped in aluminum foil and sealed in a ziplock bag. I figger that's all the lube I will ever need.
For years, I have used another homebrew formula using one pound beeswax, one pound lithium based waterpump grease, 2-3 tablespoons anhydrous lanolin, and a quarter pound of paraffin. That's a simple melt and mix deal and works well up to about 2000 fps. Dunno that I ever tried using it any faster than that.