FWIW, I used Calguard Gear Kote & Gun Kote for 1st rebuild back in 1979. Based on their recommendations I applied Gear Kote to piston skirts, intake ports, valve springs, camshaft, gearbox internals and Gun Kote to crankcase & cylinder exteriors, engine/trans subframe, etc (both products are oven cured at 300-325 degrees F for an hour). Motor received Klymer manual (Brian Slark) cam/cr, etc "stage 1" upgrades but is a street bike. The coatings were installed mainly as perceived defensive steps rather than for power gains. All this coating stuff was then pretty "new". There was considerable contemporary +/- argument, but this period also enjoyed a number of bogus moly/TFE oil additive "miracle" products that muddied perceptions. Regarding Gear Kote, it seemed to work as advertised (nothing quantitative to judge however), and more importantly there were no catastrophic outcomes. Piston skirts still had (scuffed) coatings when pulled out.
I really like Gun Kote for exterior coatings . It forms a very hard and slick surface that protects from corrosion and transmits heat nicely. The Gun Koted parts still look great today. If you have a big enough oven would be great for frame coating, me thinks.
All these products are however very dependent on proper surface prep and application/curing protocols to be effective. For DIY processes that is often the largest variable, especially pre-treatment. Steel parts need near-white sand blasting (120 grit) to produce clean substrate and a coatable surface profile followed by neutralizing steel with a phosphate treatment (Ospho). Aluminum parts are blasted at lower pressure and treated with Alumiprep and then Alodine conversion coating prior to applying finish coats.
Lots of competitors and more product types today. Most seem to be mature, proven processes (industrial as well as auto/m-c). Necessary, as Glen points out? No, but since you are probably only considering because the motor/bike are disassembled (or about to be), not that much added work/$$ with potential upside and little likely downside (if you follow directions). And if Jim Schmidt is selling it I'd bet it works well.
FWIW(2), Calguard was sold in the 80's and I think is now based in S Africa. Original Calguard owner restarted business as KG Industries after non-compete agreement period. Moved from WI to Taylor TX a few years ago. I only know this because I recently looked them up for current rebuild to buy product.
Dave