So... as I read the question... you want to know if putting vaseline all over your arms and legs will keep you warm in cold water?
You can try it... see if it works. I personally wouldn't want that stuff all over me for the bike and run. I could see my arms sliding all over in aero position.
"Life is not a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather, to skid in broadside thoroughly used-up, totally worn out, and loudly proclaiming: WOW WHAT A RIDE!!!!"