Ren Wax would undoubtedly help. If you want to get a feeling for what it would look like, use some petroleum jelly massaged in and wiped off. You can get that off with xylene.
No. The wax helps protect the coins because it blocks the air from getting to the coins. But if you put the wax on a necklace coin, it's gonna end up getting on your wife's clothes and or her and you'll be sleeping in the garage Basically what ya need to do Randy is treat it like any other coin - clean it. That'll remove dirt/grime and limited toning - put a little life back into it. But be aware, and this is why jewelry coins are frowned on by collectors - simply by being jewelry wear is imparted to the coin. And there's nothing you can do about that pal - it's gonna happen. But periodic cleaning will keep it looking as good as it can look.
The two cents shown are as nice looking as they'll ever be. If they were mine, I'd look under magnification to see if there's anything that needs to be removed with a solvent (distilled water, a swab with some alcohol if avoiding acetone) or by carefully poking with a stick (green rose thorns -- ask a florist for some), but that's it. Other dug stuff would be treated the same way. You don't want to strip off the patina with anything acidic, or you'll just wake up the copper and make it corrode faster.