The rheological behavior of wax-based feedstocks has a direct impact on successful mold filling for parts produced by low-pressure powder injection molding. During a rheological test, segregation may occur within low-viscosity feedstocks, leading to errors in results, and to an improper evaluation of the flowability of powder-binder mixtures. The segregation occurring during rheological tests is not generally considered when measuring the viscosity profiles of such mixtures. In this study, the impact of testing time, testing protocol (increasing or decreasing shear rate), polymer degradation, powder deagglomeration, and temperature on the rheological properties of feedstocks was investigated. The segregation occurring during rheological testing produces a meaningful effect in low-viscosity feedstocks. Because the segregation is driven by the time spent in the molten state, the effects of segregation on viscosity were visible, particularly at the end of a long rheological test. During a short rheological test, the pseudoplastic effect occurring in wax-based feedstocks was only attributable to the binder molecules' orientation with respect to the flow. In this respect, and contrary to the information reported in literature, it was demonstrated that the dilatant effect observed was in fact more likely due to segregation occurring during the rheological test, rather than as a result of the elimination of the preferential layer formed during the pseudoplastic regime. Because the rheological properties of low-viscosity feedstocks were significantly influenced by the test duration, a rheological test duration of a few minutes must be used to precisely quantify the flowability of such feedstocks.