I've tried it a few times back a couple years ago... my understanding is that you finish the ball 1 grit stronger than you want, then apply the elixir.  I tried it overtop of polished equipment, but didn't care for the reaction.. for me, it made everything go too long.  However, I managed to have my best string of strikes one night while using a sanded ball coated with elixir.. used an Apocalypse sanded to 1500 grit w/ a coat of elixir overtop to have the last 27 in a row one night during league.  

It doesn't serve as a polish.. more of a protectant as sorts.. I liken it to Rain-X for your windshield.  It repels oil/dirt from the surface of the ball.  makes it easier to clean and gives the ball more length...  when applied, the surface still remains tacky..so as long as there is some dry, the ball will still hook, but it will skid more in oil.  As far as removing it.. a light sanding will take any/all elixir off of the surface.  

S^2
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"Bengals receiver Chad Johnson is the escape goat for the team's current struggles. "
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The elixir is a very good product.  It slows oil absorption, but does not prevent it.  Your ball will still work.  It is a coating, and like polish, the underlying grit is - very - important.  I do not use it over polish.  It is very important to thoroughly buff the uneven excess off of the ball.  The coating must be dry before use.

I do not rub the elixir into the ball.  I try to apply 1 even coat. If a little is good...too much is too much. It is common to hear static crackling during the buff if a micro fiber towel is used.

I have found that with the right grit a release forgiving ball reaction is created on a down and in shot.
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OnlyBowling