Leather Care and Questions

I was wondering what peoples opinions are on the best ways to treat and condition leather products. I have "inherited" a leather chest armor that has not been conditioned in years and want to fix it up for use.

I plan to use Fiebing's glycerin saddle soap to clean it, then rub a thin layer of neetsfoot oil before finishing with Obenauf's conditioner that had beeswax for water protection. I will wait between each step to let it dry/absorb.

One question I have is after applying the beeswax conditioner, will it be able to absorb more oil or conditioner later for regular maintenance?