Using wax should work. The water cohesion is based on hydrogen bonding, so anything that 'wets' will have drag from this hydrogen bonding. Wax is hydrophobic, meaning it repels water, and has no hydrogen bonding, hence less drag. think of snow skiing. they wax th bottom of the skis, so they slide over the snow easier ( andy we also know that the weight of you compresses the snow, making it wet) As stated, the problem arises when extreme speed or heat is applied to the wax, and it rolls or beads, causing flow disruption and drag. The teflon should also work, provided is is applied lenghtwise(or possibly cross wise layered like a sharkskin could give extra benefits) to avoid flow problems.
Some of the guys, either here or at rcairboats.net talk about using spray-on cooking oil (pam) or even I think Wd-40, and spray on furnature wax ( pledge), which can also give your boat that outdoorsy, fresh scent. LOL seriously, give it a try, the only way to be sure is to try it. Good luck! Sean