I'm not convinced by the claims but would be very interested to know how you get on with it as it does appear to be a great solution.
I have only experienced Lanolin based products in the marine environment, Lanoguard don't seem to disclose what else is in their product to justify their claims.
My experience of Lanolin based product is that it is tenacious to the point that the only way to remove it was abrasive, it did not appear to prevent foaling or electrolysis, I'm not sure what product it was as it had already been applied, I'm still trying to get rid of some of it!