'Substance' is countable when it means a type of material, and uncountable when it means property or nature. No, I would not replace 'or' with 'and'-- greasiness and waxiness are two different qualities. From the context, I would think that some fats are greasy and others are waxy; on the other hand, the author may be unsure whether the reader would consider all fats & fixed oils greasy or waxy, and is offering the two adjectives as alternatives.
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