In your guy's opinion, is a Microlon treatment of the parts in the engine and tranny worth it? And does it really last a lifetime as it is claimed?

I've honestly never heard of it, but any product that makes a claim like this..

DO I USE MICROLON ON EVERY OIL CHANGE? [ back to top ]
NO! Microlon is a ONE-TIME treatment of the metal inside of your engine, not an EVERY TIME treatment to the oil. Using Microlon treatment is a one time investment in the life of your car.

..I'm immediately very weary of...

When you find a successful race team using it, with documentation of before/after results, please let us know... ;)