First of all, I should make clear that it was sold to me as mallee burr; I would describe it as red, but I've no proof of whether it is red or brown mallee. And my colour sight is decidedly dodgy!
Using oil works very well as it lifts the figuring and often works well with the wood's colouring although it does darken it a bit. It can sometimes make the wood look a bit mud-coloured, but the only way to know is to give it a try. My preference is to use oil, but leaving a day between coats, as I usually do, makes it quite a slow process. I put on up to six coats of oil depending upon level of shine required and just how the colour and figuring looks - and my patience!
When using M/C wax, I may or may not use sanding sealer first. Sanding sealer can add warmth and lift the figuring, but sometimes can, as with oil, make it look a bit muddy. To be honest, my approach is a little haphazard and mainly based on how dark the wood is - if it is already quite dark I tend to just use MC wax, which is clear but can look a bit sterile.
Wax however is not always ideal on burr as I find that small voids in the wood end up filled with unsightly pieces of wax so, if the wood has lots of voids (not sure of the correct term) I prefer to use oil.
Unfortunately, I don't have any pictures I can put up; perhaps a little comparative project for the future.
Duncan