Basically Noel, no. If you want a tacky wax then use tacky wax.
As for dubbing leather boots, was once told that grit sticks to it which in turn scratches the leather, cuts get deeper then boots leak. Can't say I noticed any cutting when using on leather boots I had. I always wore the soles out.
I've never gotten on with the sticky waxes for dubbing. I've always used either Veniards prepared wax (which I think is excellent), some home made cobblers (which is a loverly dark olive colour) or a piece of commercial cobblers wax (which I find too dark) however your post got me thinking. I recently re-waxed my jacket and have some left in my tin of thornproof dressing, I gave it a quick try tonight and it works really well; tackler than the Veniards but doesn't feel like a glue stick, I may try and give it a serious try out.
Incidentally quite a few people use glue sticks instead of sticky wax, you could also try that.