Personally I wouldn't use it as I'm pretty sure it would make your jacket sticky forever.. The Barbour Thornproof wax is much harder comprising (probably) Paraffin wax/candle wax, Beeswax and Linseed oil, and soaks in when you go over the re-waxed jacket with a hot hairdryer then hardens. Pecards is much softer and doesn't harden. If it's the expense that matters check out Amazon etc. for cheaper wax cotton proofing that look and smell just like Barbours but are much less expensive. I've used Graingers Wax Cotton Dressing with great results.
Also, whether it’s Barbour’s own or some other brand, wax for Thornproof jackets isn’t just for waterproofing. It also helps to improve wear resistance and without the wax proofing the cotton of the jacket can wear pretty quickly due to friction and rubbing.
You could of course make your own wax by searching the web for recipes - I once made my own using beeswax and white unscented candles. Be very careful when heating them to mix the ingredients which are flammable and will stick to your skin if spilled or splashed causing much pain and possibly a trip to the hospital.
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