I've done it, many years ago.
It was a major pain in the rear to do and did nothing that the easier to do sizing and lubing didn't.
Now if there was a means to roll on and seal the tape to the bullet, easily I'd pursue the Teflon tape again.
Jim

I experimented with it in the '70's with a .358 Winchester. No leading with fairly stout loads of 4895 and reasonable accuracy if memory serves. I found it far simpler to run the bullet through the lubrisizer.-JDL