1. If you watch the wax you may see signs in the wax such as shapes and animals that have a particular meaning to you. You interpret these signs based on how you view them (I suppose you could use dream interpretation to make it easier on you).
2. The Monday night during a waxing moon seems too restrictive for a honey jar, but if you feel like it needs to be like this then go for it. Personally, I see Valentines day as an excellent time to start one due to all the associations with love that it has.