I wonder if the smell would change if you added tallow. I will closely watch this thread.
I'll be interested in results, as well. As long as the tallow is fresh, I wouldn't worry too much about the smell, but beeswax burns with a pure, white light (the reason beeswax candles were so greatly valued), while tallow gives off a yellowish flame, and smokes significantly.
BTW... we made quite a few jar candles with beeswax from our hives. I was surprised to notice that when left on a windowsill for a couple months, the wax bleached from a bright yellow to white, and the wonderful honey fragrance completely dissipated. It still burns perfectly, though.
Summerthyme