I wouldn't use it personally because I assume that it has fillers in it, which will eventually wash away. If you prep properly and actually get rid of swirls and scratches, then most waxes will be more than suitable. I use Mother's Pure Carnauba wax in the tin and really like it.
i used it on my black 98 cobra sat. I only used the wax though. It worked pretty good. It did make it look really lack and you will be able to see the spots youve missed in the sun. I say give it a try and see for yourself.
Are companies still making colored waxes? I remember that stuff from the late 80's. the stuff worked only marginally and made a mess your applicators and towels.