In the past I have used various car waxes on my spare balls, and found they really don't cut the hook of plastic anymore than regular ball polish does.
As for more modern balls, I have actually tried this on two strike balls, an El Nino X-it and a Quantum Raven. It didn't seem to have much impact at all on the reactive Raven, but totally killed the proactive X-It. I think the moral of the story is that polishing proactive balls with anything produces a more dramatic impact than polishing reactive. Or that is what I have found, anyway.
Everything I spoke about here was applied with a spinner, just for reference. I'd highly suggest just picking up a bottle of ball polish from a pro shop, simply to be safe. A $10 bottle will last a lot longer than you would expect.
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Proud owner of a 111-111-111 triplicate series. And a Winnie-The-Pooh spare ball.