Wax burns, so if you imagine coating the blade in the wax and lighting the wick, I can see this remaining in the game... if, and only if, it consumes the candle. But probably an infinitely re-usable free fire source at will is not what Larian imagined when they put in the "dip" system.
However, I expect that Larian will look at this trick, nod in approval and leave it in.