Taken from Wiki -
PTFE is a thermoplastic polymer, which is a white solid at room temperature, with a density of about 2.2 g/cm3. According to DuPont, its melting point is 327 °C (621 °F), but its properties degrade above 260 °C (500 °F).[6] PTFE gains its properties from the aggregate effect of carbon-fluorine bonds, as do all fluorocarbons.
Won't stand up to heat in an engine for much of anything, that said. I'm still trying to find the exact page where they say that they have no knowledge of PTFE having any advantage for use in automotive engines.
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