I'm not a huge fan of the beeswax/borax emulsion system because it's tricky to get to stay together AND borax is considered skin irritant in some countries. I think it might even be banned in skincare products in the EU? But if that's all you have on hand, you could definitely try it. The lotion will be lighter because of the grapeseed oil (as opposed to a butter like shea butter + jojoba oil or sweet almond oil) but if you can get your hands on some emulsifying wax (
http://www.brambleberry.com/Emulsifying ... P4209.aspx), I think you'll find it easier to work with than borax and beeswax =) Just my opinion ...