Madame Tussaud ends up with old governor in wax (8)

'wax' is the definition.
Both the answer and definition are verbs in their base form.
Perhaps they are linked in a way I don't understand?

'madame tussaud ends up with old governor' is the wordplay.
'ends' suggests the final letters.
'up' is a reversal indicator (in down clue: letters go upwards).
'with' says to put letters next to each other.
'old governor' becomes 'pilate' (Pontius Pilate, Roman governor in Christ's time. I am not sure about the 'old' bit.).
The final letters of 'madame tussaud' are 'ed'.
'ed' backwards is 'de'.
'de'+'pilate'='DEPILATE'

'in' acts as a link.

Can you help me to learn more?