I started moly coating copper jacketed and cast bullets in the late 1980's using "Neco Coat" poducts. The idea was that the moly would occupy imperfections in the bore, block copper adherence, and ease cleaning as a result. It was not an unreasonably difficult procedure; add moly to steel balls to a dedicated tumbler to which you threw in your bullets. They came out out a sleek black color and looked sufficiently different to cause one to continue the process.
Adjustments in powder loads were required as the moly provided enough lubricity to decrease the transit time in the barrel, thus reducing velocity. It did nothing to improve accuracy, as far as I could tell.
Cleaning was interesting because one could not ascertain when the barrel was clean since the patches were perpetually black. Discussions in the publication, "Precision Loading" eventually suggested chemical changes due to high temperatures in the leade might cause erosion or pitting and the hygroscopic nature of moly might cause rust.
I had a 7mm STW that shot on a dime but accuracy suffered with continued use of moly coated bullets. Since I could wash the moly off my hands with soap and water I figured I could do the same with my barrel. I cleaned it nightly for 7 consecutive nights to no avail.
I think it makes more sense- if any- to simply moly coat the barrel rather than the bullets, to prevent the accumulation of moly with repeated shots but I have long given up on any attempt to prove the difference.