Pat knows his stuff on pine pitch, so I can't add much here.
I will say that adding beeswax lowers the melting temperature. That's important around here where temperatures inside a car can reach well over 150 degrees. I've had pitch/beeswax glue melt and run off completely from arrows left in my car. I don't know the exact temperature when beeswax will melt, but it's much lower than pitch.
Consequently, I use very little beeswax now. I need to experiment with fat or tallow, like Jamie mentioned. My pitch glue is brittle.