I put shoe goo on my bats, except for my new talisman which already had a toe guard on it - however I feel as though it'll be hard running my bat in with the toe guard as it's a bit bobbly so there will be a lot of friction between the ground and the bat when im running it in.
I like to protect the toe of my bats quite a bit just incase i get a fast yorker and it splits it and I don't like toe guards so I found out about shoe goo and experimented with an old bat first.
For best results I feel as though it's best to add it (only onto the toe) a layer of it at a time and then sculpt it once its started to dry a bit as it's more managable and easier to mould into the shape you want it. This then allows you to put the bat upside down and then leave it to dry without worry about the SG sliding down the bat.
I've got some examples of SG that I've added to my bats, I don't like a lot of shoe goo on it but just enough to give it a decent covering so that it protects without adding too much weight. The only problem is that every so often you'll have to add to it as it wears away quite quickly (with the way I tap my bat anyway).
This is my Joker, I haven't used it since I applied the SG.
This is my Solitaire and I have had about 6/7 net sessions with it after I first applied the SG.