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Buy a +1 dwarven waraxe, use it for a ridiculously long time until you can afford a rod of dwarven might (in which one of its forms is a magical dwarven waraxe).
if not, could you buy a +1 returning light hammer (which is the 'normal' form of a rod of dwarven might) and upgrade that when you finally get the money and fame to afford it.
thanks
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No.
I don't know how to really explain it, other than a Rod is a completely different item than a weapon. While you can upgrade a normal weapon that does not have any different special abilities or only up to the enhancement bonus to a named weapon, you cannot upgrade a weapon to a different kind of item.
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As others have stated, no, however you can add Transformative to the Dwarven Waraxe, allowing it to transform into any other one handed weapon, so you could have a +1 Returning Throwing Transformative Dwarven Waraxe, which could transform into a Warhammer, or a Heavy Pick, or any other one handed weapon, though not into a crossbow or a longhammer.
If you want to be able to upgrade the item, I suggest Transformative rather then going with the rod.
EDIT:BTW, a +4 Returning Throwing Transformative Dwarven Waraxe would be 82,330 gp, only slightly more then the 80,000 rod, and it'd always be +4 returning throwing, no matter what you turned it into, you could even use special materials, such as mithral (for 86,030 gp), and it'd always be made of that material, and always deal that type of damage.