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I asked a shop that sells abrasives about a grinding wheel made for aluminum. He said they are available but beeswax will work on a regular wheel. It is also good on abrasive belts and files. Also on carbide lathe tools used on alum.
I would be leery of using anything but a wheel designed for aluminum-aluminum fragments in a regular wheel create a wedging effect in the voids between abrasive particles-I have seen wheels come apart because of this-I will agree with using it on abrasive belts-it does lubricate the belt and they will last longer and cut smoother
Get the right grinding wheel, at the very least it will make the right type cut instead of melting the aluminum off in rough chunks. I made the mistake once of using a cut off tool to trim some aluminum, the wheel did suffer.
I have used both bees wax and chalk on files and belt sanders for working with Aluminum. As far as grinding wheels are concerned I use the correct type only. It is just too dangerous messing with something spinning that fast.