Hi Len, I agree that siliconing the hull will have a negligible effect on performance on a club 500. The most important thing is to make sure you are optimising all the power from the motor, through the drive train to the prop. Minimising the friction in the drive train will ensure the boat reaches its maximun speed. Attention to the alignment of everything is important, as is the drag in the propshaft. Although some form of lubrication is essential in the shaft, especially to stop water ingress into the hull, experimenting with the type of lubricant can increase motor rpm. make sure the motor commutator is clean & that all the wires & connections are as good as you can get them, finally, ensure the motor bearing are well lubricated. All these points will make a small difference, if only in that you know your boat is as good as it can be.
That said, if you take 1 buoy wide during a race, all the above wont make the slightest difference. So practise as much as you can, with the speed of a 500 the shortest route is always the quickest !!

cheers Glenn