If this is the same stuff as Slick 50, the I suspect the PfL is Teflon (Dupont trademark item). Slick 50 went out of business for two primarily reasons 1) Dupont refused them product unless they quit making claims for teflon properties that just didn't exist, and 2) the consumer products protection people at the Federal Trade Commsision sued them for false claims (one link is at
http://www.ftc.gov/opa/1997/07/slick.htm).
They throw around terms like "dry film", which does have some lubrication enhancement capability, but I've never heard of a dry film being applied after the fact in an oil based solution. I am under the impression that they must be applied "dry", then baked on, and are of most use when applied to things like valve stems, etc. here's one source on the subject
http://www.hotrod.com/techarticles/51120/