I wouldn't. Why? let me tell you a short story as to what I have seen in two situations...
Had a Taurus wagon, wheel caps missing and stud looking rusty. Had car 2yrs never had the front wheels off. So, figuring I'm on my way up north, wouldn't be a bad idea to spray this to reduce rusting and such so it wouldn't be a problem for later if needed.
I then go up north to st louis a week later. then one the way back...approx 150 miles from st louis, my right wheel nut started to back off on it's own. Had to get to an autozone, buy a 17mm deep socket, and breaker bar and re-tighten. reason for right and not left is in st louis, downtown traffic is mainly all right turns than left. That had been the only thing I did was spray that stuff on there and nothing else. Never had a wrench on that wheel for nothing for 2 years while I had it.
Second story, I tell a guy about what happened to me and suggested not to spray it on a nut unless you plan on taking it off. Later I met with him on another order, He told me that in his wood chipper, he wanted to protect the bolts on the chipping wheel, so he sprayed them down. While running this unit, it threw a bolt out past his head. It had hit something behind him and found it, shut down the machine, and found where it had come out.
I recently sprayed my harley down with this.. It worked really well, as we live near the beach and rust was on a lot of parts, and after coating it, it dissolved most of the rust and has been exposed to the weather and no new rust has occurred since. Problem... I drove it the other day, I am now one set screw less than I started out with on my little fairing.
In a nut shell, use it cautiously, as on things that vibrate, it will cause things to loosen up over time.