No. It's a gimmick. The FTC has/had a lawsuit against the makers of Z Max for unsubstantiated claims. Further testing showed that Z Max is just tinted mineral oil, and actually wears engine bearings faster than standard engine oil.
If you must lube your pedal, use an actual lube. 3 in 1 oil, any gun lube/oil, or even motor oil. Bearing grease would work, but is messy as hell.
Do not use WD-40. It isn't a lube, but a water dispersing product. It attracts dust horribly, and it's slickness wears out rather fast. If you must go the automotive route, PB Blaster contains oils that coat the surface and remain slick. If you get it on parts you don't want slick, it's hard to remove without some sort of degreaser.
With the heal plate, unless you are talking about the hinge itself, there is no need to lube non-moving parts. If they are becoming loose, either replace them or use Loctite. The DD linkage would be fine to lube, just don't get any on any screws or threaded fasteners. The constant movement of the pedal can cause lubed fasteners to loosen and fall out. I've actually had this happen before during a show. Repairing your pedal between songs isn't fun.