Hoz,

The method you describe is the traditional style of taking a mold off of a prototype plug. There are all sorts of release agents on the market today and you don't have to use wax. It would depend upon the type of layup you will be using to create the tool (mold)

A good tool is heavily built with strengthening ribs to prevent distortion. The surface of your plug needs to be as mirror smooth as you can get it as every deflection from a fair surface will be directly translated to the next part you take from the new tool.

If you've never done this before it might be a good idea to start doing smaller tools first. Perhaps a very small, 2-3 foot version of a canoe shaped form to get you going on the process. the techniques and all the potential pitfalls to avoid.

Throwing down for a full sized, canoe tool with limited experience is a hairy adventure unless you're financially gifted and just like doing stuff.

If you live anywhere near a production fiberglass company, it would be worth your while to enlist the aid of one of the production guys on a weekend or evening to get you started in the right direction.

Surface prep is everything.

Chris