Key word there was "millwax" - I hate that stuff, and I would not put it near a playfield.
My SFII was lightning fast. It should leave FT and AF for dead. Pinheads can critisize SFII for it's theme etc, but the game ROCKS - because it is FAST and has plenty of good shots.
If those two outholes are headed straight for the middle of your flippers - then the game ain't level, or the two metal guides where the ball hits need to be adjusted a fraction to angle the ball to either flipper. Those two outholes should be firsing the ball out very quick. Maybe look at changing the coil sleeves ?
Silicon spray - Might play well for a while and then as the crap builds up, it will play far worse.
Sounds like the machine needs to be properly shopped or reconditioned throughout. Get some Shellite to clean the crap off the playfield, Novus 3 and Novus 2 to clean it properly and then paste wax to finish off. You will never go back !