I think anything that makes chalk stick to the cue ball more is going to cause problems in the form of skids (also called cling, bad contact, and in the UK, "kick"). I've seen some polishes that seemed to increase the amount of chalk on the cue ball.
For regular friction, some polishes seem to increase it. I had a pretty battered set of balls and figured I'd clean them up with automotive rubbing compound and polish. I ended up with about twice the throw as for the "dirty" condition, but the balls were nice and shiny.
I've used Johnson's paste wax without any noticeable problems. The slippery balls do tend to slide into the pocket better. I have not noticed a change in throw with it, but I was playing on a table with large pockets.