I don't have the bag, but since it's waxed, I wouldn't do it. You need the iron hot--hot enough to melt the glue on the patch so that it bonds with the material-- which I imagine would be hot enough to damage the wax.
I've done lots of iron on patches and they do work very well, as long as well applied (heat up the material receiving the patch first, then put lots of pressure and lots of heat. Then, I put a little more pressure and heat around the edges. Works well, but I wouldn't do it on a waxed bag.