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dont use used engine oil...its quite corrosive and can cause more damage than it solves!
using oil also isnt exactly environmentally sound either as it washes off into the water table...but in the amounts we are talking - does it matter well i guess thats an individual choice...
I also would be carefull about waxing brake shields (particularly on the inside) they get pretty warm and you REALLY dont want that wax going liquid and somehoiw gettin on your pads/disks - it could spoil your whole day (holly cow batman - no brakes!)
otherwise IU cant fault the logic
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