Yea I ran it in my prevously owned Harley tires. I had the laced wheels and ran it for the reason you spoke of, but it works on tubeless also. It's not like the slime, not the same consistency and it washes off with water. Is not flammable.
You have to use a larger amount of it for the balance part. It has two scenarios on the dosage chart (on their website). One is just for puncture seals and the larger does also balances on the same premise as dyna beads.
It only protects the tread area, not the side walls or if a long nail goes all the way thru and out the top of the tube. I felt a bit better riding with it. I will never have laced wheels again.
Just make sure you install it (and check your air pressure) with the valve Below 10 and 2 oclock.
Check around online for the best price. Dealers are kinda high on it. I think I bought mine at Amazon but can't remember for sure.