The frame size and weight make it pretty unwieldy for doing a fast draw. You can start out with this gun, but would probably want to switch to something lighter if you decided to stick with the sport. Wax bullets are pretty much what they sound like. To explain that better, the shells we use for wax have been specially counter-sunk where the normal primer hole is to accept a shotshell primer. This special hole allows the center-fire action of the revolver to strike the rim of the .22 blank.
Most people use the shotshell primers.
Wax is very easy to load and many people use nothing else for practise. You can load the six wax shells in a few seconds and shoot, then reload and shoot again. There are 4 or 5 companies making wax bullets. For safety reasons these are the only bullets that are allowed in competition. Many people make their own bullets for practise.