Waxing weakens hair growth so I don't recommend it for a man's facial hair, unless you want it to start getting patchy and even finer than it already may be.
Ingrown hairs are a bitch but for me I do find that waxing makes them occur less. Shaving and even hair removal creams, for me, tend to provoke more ingrown hairs than waxing.
The key to reducing ingrown hairs is to exfoliate your face regularly, and you might consider buying a product that helps reduce the appearance of ingrown hairs, such as this:
Apparently Gisele Bundchen swears by this stuff.
I thought this article gave some good tips on avoiding ingrown hairs for men -
Ingrown hairs