The wax will protect the glaze just a tad, but think of it like this, if you built a house, the strongest house in the world, unable to be torn down by the elements or earthquakes and storms, but you built it on top of swampland without a proper foundation, how long do you think the indestructable house would stand?
Detailing is the same way. The final results in appearance and longevity come down to preparation of the surface you're trying to protect BEFORE you actually try to protect it. Fix the problems by establishing an acceptable base through fixing surface defects until you have a surface worth protecting. When you get the paint to a point that makes you happy, THEN apply your protection. You don't really even need a glaze at all at that point. Glazes should really only be used on paints that have already been well taken care of and just need a quick, temporary booster to make them really shine. What you're describing needs serious correction work before you attempt to put a glaze OR a wax on it.
Great detailing is achieved through proper preparation.