I'm not sure if it works. I recently bought a "tube" because I do restorations on older drums. It's advertised as "helping with Drum Dial Tuner".
It definitely conditions old untreated dry edges. I don't use much. I go around once, LIGHTLY. Then I just rub it in with my fingers. I'm "supposed" to receive my Drum dial soon. I'll try and do some comparisons on ease of tuning.
I had a drum maker once tell me to use a bearing edge conditioner every time I change the heads...he also told me not to use Chap Stick or scented candles, because the additives / alcohols in those products could actually dry out the edges and/or seep into the plies and contribute toward ply separation. He said to use a pure wax or thick oil of some kind.
When Precision cuts edges they finish off with a wax and buff on the lathe. Smooth and silky. The secret is to use just a little and clean off any and all residue and buff smooth and slippery . Leaving residue or wax buildup will cake up and create just the opposite effect.