On a two day Yom Tov followed by Shabbas, is one permitted, prior to candle lighting, to remove the accumulated wax to allow for inserting each succeeding set of candles ? If not, can one remove the drip cup entirely and replace with new disposable drip cups before lighting each set of candles ?

It is permitted to clean a candlestick from wax on Yom Tov in order to replace it with a new candle. When one cleans it, it is preferable not to pour hot water on the wax but use a utensil (such as a knife, if the wax is kosher). It is prohibited to carry the wax after it is removed (Shemirat Shabbat K’hilchatah 13, 43). You may also replace the drip cups if you wish to do so.