"I've considered trying out lip balm... Any tips/ suggestions?"
Use the best ingredients you can find, including the essential oils used for scent/flavor. Some of the cheaper ones just don't smell right or can foul pretty quickly. You will find that beeswax balms will do way more for a persons skin than just about any commercial product out there that does not contain it.
It has to be pretty easy or the wife wouldn't be messing with it.