My experience with Chinese Tallow mostly involves a lot of weeping and heavy drinking, but this is the best overview article I've found on the subject:
http://www.eattheweeds.com/popcorn-tree-florida-aspen-tallow-tree-2/
Conclusion: inconclusive.
I have not yet tried to separate the wax to make candles, but it's on my list. I'd love to hear of anything you try; if I do get around to it myself, I will report back here.
Here is a step-by-step article on using the wax for candles, from someone who sounds like they've done it:
http://homeguides.sfgate.com/harvest-chinese-tallow-wax-75935.html