I've pulled it off - you can do some pretty neat things with it if you do it right.
You've got the right idea - I used an old soup can, filled it up with the wax pellets, and went from there. Sometimes, I'll dip them straight - makes for a plain sealing that looks good. If i'm feeling spunky or need to add 'flair' to the bottle, I'll wrap a short length of string in an '8' kind of pattern across the top (reference a bottle of Maker's Mark), hold tension on that, then dip it. All an opener has to do is pull the string and viola!
I tried to do the runner/drippy down the side of the neck thing - mixed success. It all depends on how fine the wax is and how fast it cools. Too quickly, it will peel itself off of the bottle. Too hot, it'll run down to the base of the bottle. It's nothing you can't cut and adjust with a bic if you need too - but it's annoying.
And any bottles that I've kept in house and opened, I just pitch the wax I chip off back into the can - it all melts again.
My two. Good luck!
- abe