Does anyone know if old beeswax would okay to use in lip balm or lotion making?
Define "old". Beeswax will keep for decades. But if you mean dark beeswax as opposed to lighter beeswax, I would use the lighter beeswax for such things. It will make them more appealing and I think it smells better as well. But I don't care if the light colored beeswax is 100 years old or not...
I have some 28 years old that is atill fine for any purpose. If it was clean and pure when it was stored and not subjected to any toxins, it is still fine. If it is old enough it might be better than new!
I clean my dark beeswax by running it through the solar wax melter several times. Eventually i get all of the crud out of it and on each pass the sun bleaches it some more. My wife uses it for a variety of things with no problems.