This is a tricky question, because there is no "friction" force. Rather friction is more a class of forces which we identify by their properties. Real friction is cause by things like microscopic surfaces or electrostatic attractions which are tremendously difficult to calculate. However, when you sum them all together, we see the traditional properties of friction:
- Proportional to the normal force pushing the two surfaces together.
- Directed along the surface.
- Opposing the direction of motion
So this spray is really going to negate the sum forces which function this way.
So the first thing we'll see is that the bullet falls out of the case. A 10mm Auto case is a friction fit. However, we can fix this with a pair of pliers. Crimping the case into the bullet creates an indent. Now this is useful because this can hold the bullet in place. The forces we need are normal to the surface, so they hold the bullet in place. Now at this point we should be terrified because it's highly dis-advised to modify a cartridge in this way. You can increase the pressure in during firing and that can lead to a barrel explosion. Needless to say that's bad news. Never modify a cartridge unless you have the knowhow to make sure it is safe!
Now, air forces. These are going to matter for flight, and they're also going to matter for the gunpowder's effects. These pressures are mostly normal to the bullet surface, so they will not be affected. We can also expect the rifling to work for the same reason that the crimped case worked. The bullet is deformed to fit the rifling during firing. It's not just a friction fit. However, it may be less effective, depending on the depth of your Glock's rifling. For some reason, there's not much information on how well Glock rifling performs on fricitonless bullets for me to reference.
While flying, drag forces are very different from friction forces. There is some friction from air moving along the bullet, so that will be made better by this spray. Most of the effects, however, are air pressure and viscosity issues. You still have to push the air out of the way. You still have a vacuum in your wake. You still have effects like wave drag.
Now for the part you were interested in: the impact!
When you impact, friction may vanish, but momentum is still there. If you want the bullet to slide off your steel plate, you still need to impart enough horizontal momentum to make that happen.
So what is your steel plate like? Too soft, and it will deform as the bullet hits while imparting that horizontal momentum. This can lead to the bullet getting trapped like a ball in a baseball mitt. Once this happens, momentum will tear that cute little lead slug apart.
If the surface is perfectly hard, then you will be applying all of the momentum to the leading edge of the bullet. This will cause deformation in the lead, letting the bullet rotate like a fluid in a blender. The material properties of the bullet will matter here. My expectation is that the lead will deform fast enough to cause the bullet to spin tail first in the same direction as friction would have caused it to spin -- just for a different reason.
However, if this was a different material, the story could be different. The bullet could be made out of an unobtanium that is perfectly rigid. In this case, the bullet will start to slide, and will be rotated by the torque from this impact location. Most likely (depending on bullet geometry), this torque will cause the front of the bullet to slide along the plate, like when your front foot slips out from in front of you on an icy patch.
This creates an interesting situation where the bullet is spinning "the wrong way." But that's fine because we have a frctionless material making sure everything is fine.
If you had a minnie ball, which was perfectly spherical, the force would be in line with the CG of the bullet, so the result would be a perfect "slide." That is, of coruse, assuming the bullet doesn't glance off. There's an entire set of math left to analyzign that question. Bullets indeed do often glance off.