... I say go with oil-based poly. No wax! The oil based poly brings out the grain a whole lot more than the water based poly. Also, water/dampness won't discolor the finish as much as it would on a water based finish.
Be sure to sand and tack-up between coats! And if you're doing this in your Mom's house, send her away for a few days. (1 coat per day with oil-based poly.) The longer you can wait to put in furniture and stuff, the better. Let the poly cure real well.