Wow, I've not heard of Waxoyl for years! I remember my dad raving about it to keep his metro intact underneath, that's how far back! I wouldn't expect it to be needed for modern day galvanised chassis though.
As for the coilovers, I'd definitely say it would do the job, but I would be unsure whether it would stay in place if the coilovers are adjusted. After all, it's not really designed for semi-moving parts. Although if you have the coilovers set in one place, then yes it'll work very well.
I would probably still suggest a little bit of copper grease under the adjuster, so it doesn't get stuck to the strut? What do you think?
Edit: I've just seen you mentioned sub frame and rear axle, yes I can understand why it would be effective on there, as I doubt those are galvanised.