If you just melt the paste wax and LLA together without cooking down the wax first, you'll need to use twice as much JPW because you didn't cook it. And it will be full of slow-evaporating mineral spirits from the wax that you didn't evaporate off, so it doesn't dry as fast when you use it. Gear says it doesn't lube as well, and I believe him. It does work though; that's how I lube my .38 Specials, and I shoot a lot of .38 Specials.
Maybe when I use up this batch of lube I'll follow the directions and see how much better it works. Maybe.