John,
I used to use the NECO kit to moly coat bullets (mid 1990’s).
The kit consisted of two tubs of ball bearings which are used in the tumbler along with a pot of moly powder & one of carnuba wax powder.
You can find the full details on-line but basically the bullets are tumbled with one set of ball bearings & moly powder then tumbled again in another container with the other set of bearings plus some of the carnuba (this puts the wax coat on them). With care it’s quite possible to get good looking results but I found that the wax powder applied better if the ball bearings were warmed prior to tumbling. It’s possible to get some very ugly looking results otherwise.
I got the kit jointly with a shooting friend & I probably shot about 300-400 bullets (.308 for fullbore target rifle shooting) before I came to the conclusion I was seeing no detectable difference either on test targets at short range or on the real targets at somewhat longer distances. I carried on coating bullets for my friend for a while & then happily gave him the kit – I don’t think he ever used it after that.
One problem (for my use) was that in some fullbore TR comp's we had to use ‘issued ammunition’ which of course wasn’t coated; going from coated to uncoated bullets (or the other way), even with a good bore cleaning, resulted in differences in the expected elevation for the first few shots. Bear in mind that one day I’d be shooting at 300 yards & the next 1000 yards & at 1000 I’d want the first of my 2 allowable sighting shots to be the right elevation (i.e. level with the bull) – at shorter ranges I’d want my first sighting shot to be in the bull – there was no room for ‘shooting the barrel in’.
As I was getting good results with my normal uncoated bullets I only saw real disadvantages to the moly with no gains (at least for my usage). I've not used coated bullets since then.
My friend said he got slightly higher velocities with his 210 grain bullets (for ‘match rifle’ at 1000 to 1200 yards) for what appeared to be similar pressure when he’d sorted his loads out but not enough to make any worthwhile reduction in wind drift.
For sporting work & using only coated bullets you won’t have my problems with elevation & there’s probably no other great disadvantage to using moly (take note of the comments above regarding corrosion though) but equally I doubt there’s any noticeable gain in practical use. This doesn’t matter too much if ready coated bullets are available & you like them (confidence in equipment is important) but I’d seriously doubt buying a kit & spending the time using it is worthwhile.