For reviving a drowned fly, I haven't found anything better that frog fanny. I think the same stuff is also used in a product by loon called top ride - it also contains some kind of drying crystals - but it works very well too.
As for treating a new fly before use, I make my own floatant with lighter fluid and mucilin paste. I keep it in a small bottle on my vest, and just dunk the whole fly after i tie it on. I got this idea from George Harvey's book.
I never cared for the thick, gooey floatants that you have to fart around with by working it into the fly parts, -and the hackle gets matted. A lot easier to give it a quick dunk and fish IMO