I saw an older sharpie spray it on an eel (wtf?) one slow night a loooong time ago...... (he caught, I didn't)
I'm still not sold, tho, and like you said BBJ...don't know if I want to eat that fish.
As far as on gear, I know a couple guys that drench their reels in it, I picked up one of their rigs the next day, felt wicked slippery, plus wouldn't it penetrate into the drag, and make that slippery too? I dunno?
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