Could be worth a try-but the low coefficient of friction might mean getting the right interference fit for easy adjustment versus not working back near impossible. Also-if it does overheat-and melt/burn hydrogen fluoride will be one of the combustion products-very nasty stuff!
I assume you have a conventional style of contra in mind? A push-pull type would be more work-but probably more practical, though I'm not sure how teflon would handle the loads on the thread imposed by the adjustment screw

'ffkiwi' (wondering why no one has tried it before.............or have they?)