First I tried Lexol, it worked, but there was so much wax, I was afraid I would have to go through the whole spray bottle. So I gave them a quick wipe down with Turpentine to get the bulk off and loosen the wax. After that they smelled like turpentine, naturally. So if you go this route, you'll have to let them dry out for a while. Even after there was no apparent smell, there was still some residual left in the cordovan. It would come up when I brushed them, so I just brushed until the smell went away. The good thing about he turpentine, was it did a very good job getting the gobs of wax out of the welt.
After that, I switched to Lexol. One good thing about the Lexol was it drew out the wax stuck around/under the pinking. I still had to used a toothpick to help scrape some of that off where the cloth had a hard time getting into. I think it took about 3 or 4 wipings with Lexol before the red color was down to just a little bit on the cloths.
As for the color, I would say they were just a bit lighter than my 2 month old AE Burgundy Shell Daltons (I figure the Daltons would be a good indication of what it looked like originally, but I've seen some variation in AE Burgundy Shell both lighter and darker). After, the AE cordovan cream the color was pretty close to the color of my Daltons.
One thing I would be interested in trying is heat. I've read about gently using a hair dryer or heat gun to soften old wax and slowly wipe it away. Maybe if I run across another pair like the ones above I'll try it, but what I did worked very well.
Thanks for your answer. I see you have not used neither Renomat nor acetone to strip off the colour of your shoes. Therefore my understanding is that you just went for a deep cleaning before applying different coloured creams. I wonder whether I should use Renomat to strip off the original light colour of the shell and continue with some mahogany cream/wax or just brush the shell and continue with the darker creams/waxes during a long period of time. No one in this forum that I am aware of, have stripped off their shells with Reno nor acetone and I would like to know the results in advance. Cheers.