I have a couple of issues with this. First turpentine is toxic, and while a lot of it might evaporate, I would worry about it continuing to leach into the hive over time. I know you didn't propose this, but secondly, if you are going to heat the wax/turps mixture, turpentine has a very low flash point, and an open flame sounds like a recipe for a potential conflagration! Do it outside, and have a fire extinguisher to hand.
I know that Michael Bush dips his hives in a molten beeswax/rosin mixture. You can read details on his web site:
Personally I used Tung Oil diluted 1:1 with citrus solvent (pure food grade D-limonene) for the first coat on my western red cedar boxes, then I put two more coats of neat Tung oil on top of that. Looks nice.