Hi, Ravv. I have made lipgloss from anhydrous lanolin before, which works really well. It's quite sticky, but the hydration of the lips lasts AGES. If you leave it in it's natural state, it's a yellowish colour, but I imagine food colouring would work to change that, just remember that red and yellow is orange!
It's not particularly tasty, so adding something like vanilla for flavour might help that.
The lanolin would replace the beeswax and I don't know that you'd need coconut oil either, as it's still malleable enough to use when "solid". I would advise melting it to liquid to add the other things if you want to try it, the lanolin will reset very well on it's own.
Hope this helps,