For the last couple of months or so I have been re-lubricating some of my features with Filmguard; these are prints that previously had Cresclean applied to them. Since I started collecting films I have always over applied any lubricant to ensure that the print was well covered and protected. These prints are being treated now then put away until the darker nights return, allowing Filmguard to condition the films. Having received a new film a few days ago, naturally I wanted to view it. I applied Filmguard liberally in the morning and watched the film a few hours later, and didn't find any blobs or streaks on screen that some collectors complain about. To give some idea of how much I apply, when the film is rewound tightly, some liquid oozes out of the side. I always wipe the sides anyway.

It is a good cleaner but it can cause problems if too much is applied. Sometimes the image can start jumping all over the place on 16mm prints if the film get too much of a drenching.
As i understand it, you really do only need a very small amount.

I think it depends what film stock you're using as to whether you see blobs or streaks. My experience is that they usually disappear after a couple of runs anyway, or when the film has dried in its case, so I don't think there's any particular danger from over-applying (except for the slightly annoying thing of tape splices sometimes loosening up). My method now is to return run through a rewinder with a dry silk lens cloth to wipe off the excess.