I would recommend AGAINST hot dipping because of how it makes the leather feel. It was a highly recommended technique for harness when I was a kid, then again when we got into driving horses.
For us, it made the leather nasty feeling, leaving oil on everything it touched for a LONG time. Months, not just weeks. Could disguise bad leather in harness, that failed when you needed strength! No one took harness apart to be dipped, they never knew what was going on under buckles, possible wear points.
Leather was a living thing once, not sure how total sealing would affect it’s life. The beeswax idea sounds pretty good, using pure beeswax. Perhaps buying wax from a local honey producer, probably MUCH cheaper too, then warming wax to put it on leather would help get it deeper into the leather. Second suggestion is to use the hair dryer after getting wax on, buffing leather to a hard finish with the heat. Like polishing your boots!
That COTH hairdryer polishing tip is one of their best ideas I came across!!
Leather hung in a barn still will get dirty, but perhaps dirt wIll be more easily brushed off on cleaning day.