Running a bare metal tank is a good idea, and waxing it certainly helps protect it. If I might add, you MUST remember to remove the tank periodically and treat the underside for rust prevention too. Else, you will take the tank off one day and genuinely kick yourself.
Some tricks for bare metal: after sanding it down, use ScotchBrite pads stroked in a straight line to provide a beautiful brushed finish. This can remove sanding swirls and provide a uniform finish. You can then apply whatever finish top layer (wax, clear, etc). Simply wiping the metal down periodically with WD-40 will also keep it protected. May make your pants messy if you ride too promptly afterwards though.
Lastly, nickel plating is an outstanding look. Hard as nails, won't tarnish, and produces a beautiful lustre without the shine.