Well, I've made a little more progress. I finally gave up on trying to mold the wax to the final shape. For this one, I just cast a rectangular brick in an open top mold. Once cool, I just cut of the top 1/4" where the shrinkage voids were.
I've learned that it is much easier to see the surface of the wax, and identify any imperfections, if the wax is colored by adding some candle wax to the paraffin. I also learned that it is easy to fix minor chips by dripping melted candle wax in the chip, and then smoothing with a knife.

I've learned that wrapping with tape is easier, and squeezes out the excess resin better, than the heat shrink tubing approach. Don't use scotch tape like the pic, though. It is impossible to remove from the cured epoxy. But electrical tape, wrapped with the sticky side OUT, works great. It leaves some tiny spiral lines in the epoxy, but these are easily sanded off.

My prototype barrel section is 1-7/16" wide, by 1-5/8" tall. I kept the bottom relatively flat to mount reels and handles and such, and rounded the top more. Wall thickness is about 0.100", achieved with an inner biaxial sleeve, three wraps of uni fabric, and one outer biaxial sleeve.

My intent here is that a barrel of similar dimensions could strong enough to be used for everything from a rear handle or rear handle plus, to mid sized hybrids, to larger blue water guns, all with consistant sight picture and aiming. It would be super easy to make a hybrid, because the openning in the wood can be rectangular and open at the top, so much easier to cut.
I don't know if all that will ultimately work out, but my next step is to make a full length piece for a 52-54" rear handle plus gun. The reel / handle / trigger section will be layed up around a core of teak, while the forward half of the barrel will be hollow. I'll add ballast up front to get the trim just right. Stay tuned.