Fluid Film and other lanolin undercoatings attacks the GM factory frame wax coating leading to frame rust issues too. Basically the only thing you can apply over frame wax is more frame wax, not tar based nor lanolin based undercoatings. You can apply lanolin on the floor pans and wheel wells but keep it off the frame, same for tar based undercoatings.
Other option is to perform a frame off, sandblast the frame clean, clean it more with wax remover, then repaint with quality frame paint. To put it short, the GM factory frame coating is incompatible with most aftermarket underbody coatings. Only stuff like Nox-Rust can be used.
I applied lanolin coating on my Ford CVPI myself since it has a painted frame instead of wax dipped like GM. No one offers rustproofing in the Mid Atlantic for some reason despite the insane overuse of salt here.