I think the best thing you can do for your bike is the same as the best thing you can do for your car.
Go buy either Mother's or McGuire's clay bar kit. I think it runs around $15. Use the clay bar and spray first. This gets tar, bugs, blemishes, sap, etc. off and will leave an incredibly smooth finish. Then Put two coats of wax. You'll be amazed. Soft and smooth as a baby's butt!