That goopy red stuff is indeed what I meant. I had a small hand cultivator that was just a mass of cracks and weathering. Dipped it in that red stuff and it's as good as new, or even better. The surface isn't sticky or tacky, just a nice non-slip finish. I have a photo of my little tool somewhere. I'm quite pleased with the result.
Ah, here's the photo. I dipped it about 3 times. You can still see how deep the fissures in the wood were.
