Hey Trim,
Unfortunately it may be a good idea to check on your bees just to be sure you know what is happening. The sooner you can intervene (whether it be cleaning the hive for a new colony, or feeding a weakened hive that made it through the winter) the more of a head start you should have. At least that is what I have been told, this is only my 2nd year of doing this. As far as the bait hives go, there seems to be as many opinions as there are beeks so I read everybodys opinion and applied a little bit of each.
First thing you need to do is locate bees. Like if you see lots of bees around your yard, but they arent yours, that is a great sign. We have a blueberry farmer next door so I KNOW he has bees somewhere. I then used the hive that my dead colony had. I had cleaned the frames of excess wax and honey, but the frames were still dripping a bit. When I put them outside the door for a few hours I had half a colony robbing my leftovers, so I waited till dark, put the dirty frames back into my box, added a cotton ball with a few drops of lemon grass oil (that is supposed to attract them), prepared it like you would do any hive (entrance reducer, top board, etc) and set it out between mine and my neighbors property. And I waited. And then a few days afterward, they had moved in.
I did have another bait hive right next to where the bees I purchased are now, but they just robbed it empty and I need to find a better location for trapping the hives. My beek said they need to be either 1ft or 1mi apart, 1ft didnt work for baiting because of the robbing issue, and I already have the other trap hive 1mi away and I dont have another spot for more baiting right now. I will have to see how it goes. Whatever you do Trim, just make sure you have an excellent location, plenty of honey/sugar water and maybe even some half draw frames. They seem to like moving into a fully furnished apartment rather than starting from scratch. It also appears that now is a good time, it seems that hives that made it through the winter are already ready to split and swarm, because I talked to several people who have already had problems with swarms. So maybe you can find yourself a swarm to attract.
As far as the wax goes, I will have to wait for now. I really wanted to sell it but with the 2 hives, I need new frames which I always cover with a layer of beeswax to make it easy for the bees to start drawing. I may have to use my own wax to melt again and put on the frames. As fast as my colonies are growing I need to get going on ordering more supplies.