I have used this stuff before many years ago. We used that type of wax when making molds that were used to press sheets of plastic into shapes between 2 fiberglass molds. When we made the mold we made a negative of the top of a mold and them remade the primary from this negative. Then we applied this wax as a spacer to account fro the plastic thickness and then made the top mold on top of the wax.
Personally, I think that wax would be terrible for making a lip or flange around the outside unless you want some droopy edges. You also have to be careful when touching it. It leave finger prints and deforms with little pressure even when mounted flat.
Its not reusable… well realistically reuseable. You might be able to wrap it around a wick and make csome andles. It just deforms so easily and will tear even if pulled on much. If used for a flange, I guarantee it would be ruined when trying to remove a mold from it. It does work well for using as a spacer for a top and bottom plugs if something is going to be sandwiched inbetween. Might realistically be able to reuse it pieces that are laid flat and used as a spacer. It does cut very easy.
We used to take scrap plastic about 1/8" thick that was semiflexable. We cut it with a box knife into 36" strips 2" wide. Score one side about 1/2 way and either cut again or just break it off. Then we used the following: box knife, straight edge, tape measure, wood sander (not sure what its called but the thinger-ma-bob with a flat disc and the round belt- Belt sander?), and a hot glue gun. Worked very well and fairly fast. Not sure exactly what application you are doing but the plastic would make a flange or lip anywhere you needed. The plastic also seperates very easy fro mthe molds even if the release isnt a perfect coverage. Could probably reuse it too.
As a hint, long strips of plastic, say more than 10-12 inches dont stay well with hot glue and best to do in section on long pieces
