I lube my pellets with M-Pro 7 or Hoppe's Elite gun oil, they are both the same made by Pantheon. It prevents leading in my air rifle and rimfire rifle, and helps prevent coppering in my centerfire rifles.
Hornady One Shot is a high pressure wax lube. While mainly made for resizing cases for reloading purposes, Hornady says you can spray your cartridges for better functioning in semi-auto firearms, and it certainly has done that for me. It can vastly increase case life in an FN FAL fired cartridge by preventing head separation by letting the entire case expand evenly in the chamber when firing, thus preventing massive stretching in the head area and preventing head separation. Cases coated with One Shot have far less neck trimming as the case returns to nearly original length as the head webbing area does not get overstretched. Never tried lubing pellets with it, however.
I might try spraying some pellets with One Shot and running them over the chronograph. However, it does increase case life in centerfire cartridges fired from loose chambered rifles.