When you pulled the bellows off, did you examine the front face and back face of the individual accordions. All we can see is the front faces in your photo. If the white 'stuff' is primarily only on the front face of the accordions I pretty much guarantee you that somebody sprayed something into the intake tract. Like Honcho said, blow by residue is usually brownish in color. The combustion gasses blasting past the rings mix with oil vapour in the crankcase forming a gas entrained emulsion. Combustion gasses include water which mix in and helps to create an evil sticky brown stuff. 'Wax like' is definitely not an adjective that I would use to describe blow by.
If its wax like, that almost looks to me like an over application of one of those spray on lubricants that has PTFE (aka Teflon) in it. The PTFE leaves a white coloured 'wax like' residue.
