Tojo - If you haven't looked already, Don Wheeler's website has your exact HP-CS with photos of it completely dis-assembled, and good text info about it's care, with details of it's characteristics.
I think beeswax is a very good sealant, it works well for giving additional prevention of air leaks, especially at threaded components. But as a lube it's too thick and stiff, it will actually make the trigger control movements more difficult to use.
Great idea to draw the needle out the front, paint and other residue in the bearing and aft portion is not good. Just a FWIW, when I clean my airbrushes I do it with them pointed down, that prevents gravity from allowing material to pass through the bearing and get in the back area and the air valve. Cleaning materials can easily damage O rings and such.
Good luck with getting it all sorted.
Patrick