Salty, no it doesn't wick or spread all over. When I say "film", I mean you can hardly see that you're putting any on the sprue plate or top of the mold. I use a Q tip that I scrape the excess off on the top of the bottle. Then I lube the sprue pivot point and the guide pins, doing the underside of the sprue plate next, then the top of the mold last.
It does not burn off, I may do another coating each time I use the mold, never during use.
Lee suggests you use their 50/50 alox/beeswax lube to lubricate the guide pins. It migrates into the cavities causing wrinkles and poor fill-out. Then it oxidizes into a black-baked on crud that's nigh on impossible to get off.
Now I understand that they need lube to 'run'?
Any mold needs lubrication. The sprue plate hinge/pivot point being the the most important. Guide pins on some molds can wear quickly if not kept lubed.
As for that ruined H&G, try submerging it in boiling water with lots of dawn or joy in it. Boil it for ½ hour, then let it flash dry after rinsing in very hot tap water. If it's grease in the pores, that should remove it.