Hey Podge,
I guess it COULD be possible for the Waxoyl to migrate along between the central plastic sleeve and the BB cups and eventually into contact with the bearings, with who-knows-what consequences...
How long ago did you spray in the Waxoyl? It might be worth taking out the seatpost and having the bike upside down for a while. This would allow excess Waxoyl to drip out, leaving a sufficient coating on the inside of the frame which could then dry out normally (as Jimmer said, it's best to apply Waxoyl to a bare frame and then leave it to dry completely).
If you get the tools (I HIGHLY recommend the Ice Toolz one:
http://www.icetoolz.biz/icetoolz/index_pro3.php?parent=7&id=42. It's cheap, efficient and has seen months of day-to-day professional use) then pop the cups out, give 'em a good wipe inside and out, smear on a little grease on the inside, anti-seize the BB shell and pop it back in. Replacements BB units are not expensive and, despite them glaring "DO NO DISASSEMBLE" all over them, they
can be opened and the bearings cleaned and regreased... ;-) Hollowtech II is a joy.
More generally, I'm a bit concerned about the wisdom of applying Waxoyl down the seat tube without removing the bottom bracket unit first, no matter what style of BB it is. I've been a bike mechanic for a little while now and have seen a fair few seized BBs, necessitating the onerous task of attempting to turn the frame around a bench vice. If only these people had applied a sensible amount of anti-seize before installing the BB and then storing their bike in a swamp, everything would have been ok. It's a good idea to remove the BB cups once in a while to clean the threads on the interface up and slap on some fresh anti-seize. Seeing Waxoyl penetrate along these threads and drip out of the ends of the BB shell suggests that the anti-seize has been compromised, to say the least. What I can then imagine happening is the much, much thinner Waxoyl mostly evaporating, leaving a layer of 'stuff' behind that's not nearly as durable and resistant to being squished as grease or anti-seize. (Grease is designed to be squished and stays in place even when under massive pressure, such as when the BB cups 'magically' tighten themselves.) With no protective layer between frame and BB, the wonders of water and time are free to work their magic and seemingly weld those cups in place.
All of which is a very long-winded way of simply reinforcing Jimmer's first point!
(As I keep saying to newer colleagues: you can never have too much grease...
)