I know alot of racers use nail polish as a weight balance for wheels and to make the contact area of the axle area slick/ ever try to use it on the nail itself
talking about the Clear nail polish
Friction reduction in general is easier to do on harder materials. Nickle coated axles in general can get lower friction when properly polished over zinc coated axles. They are both inferior to chromium. It does not need to be 100% pure chrome, a good stainless steel [ like DD4H 92s ] does the trick. Now if you go back to a BSA axle, it is a soft nail with zinc coating. When you remove the flash, you may or may not have any zinc left to polish. In that case, you might do better with a very hard epoxy or nail polish as compared to just the nail, but it will be inferior to any aftermarket axle even zinc coated. Over 30 years ago, I had no tools to remove the flash from the nail, so I used a very hard two part epoxy to coat over the flash and make a smooth bearing surface. Before it hardened I dusted it with graphite and when dry, I had a pretty good axle for the day. We took 1st in pack, district, council, and 2nd at the state BSA Scout Show back in 1980. Car also had tungsten weights.[ I think the first to do so]. Anyway here is what the axle looks like today- getting some corrosion, just like me.