Hmmm, we use this a lot in the marine world for coating exposed parts and preventing corrosion - which is what its for. As for using it as a machine wax, I don't think its the right product. For a start it will never dry - its not meant to after all, a thin waxy film that excludes water is the purpose. I'm also not sure how it will affect finishes - I suspect badly.
One product I will try on my tablesaw when I return is Collinites insulating wax - the deck boys use it for polishing onto stainless (its not itself a polish but fills the crevices of the metal and leaves a super slick finish) but I'll have to check it doesn't have any silicones in it first.