It should. I've used a similar mix on my back quiver. Heat the wax mix and warm the leather and apply mix in a circular fashion working it in as you go. Once dried heat again with a heat gun or hair dryer so that the leather absorbs as much as possible. Then let cool and buff with a soft cloth to remove excess. I did that and never had a problem with my quiver even with my sweating, movement, and weather conditions.
One thing though, if you are applying to dyed leather, let the dye dry and cure for a day or two before applying.