IMO, wax worms are good but not nearly as good as maggots.

Wax worms = bee moth larva
Maggots = fly larva

Any bait can be chummed. Maggots are great for chum because they are heavier than water and will sink slowly. Waxies are so light, they float.

Search the archives of this forum or the Live Bait forum for more info on wax worms.