For the inexpensive cost of the wax ring, I would not take a chance. It may work, but do you want to reset a toilet again in the near future if it doesn't work?
I just replaced 2 toilets and they didn't have wax rings, they had plumbers putty. I have always used a wax ring to set a toilet but now I'm thinking of trying the putty.
What are your thoughts?
Plumbers putty is not made to withstand any pressure. Should you need to plunge one of the toilets, you may find yourself removing the toilet again. Plumbers putty also contains oil which could bleed out and stain the flooring around the toilet base.
Wax seals. You will not find sealing a toilet on the uses stated on the Plumbers Putty container.
Try removing a faucet which had been set with plumber's putty. Look at the cracks and crumbling, and feel the texture for hardness. I know the container says what it says, but I've also seen little pills which guarantee's losing 20 pounds overnight, but it don't work, just ask my wife!(if she reads this, I'm toast!)