Yeah...I do that fairly regularly. Most of the time it does not soften up the encrustation (every once in a while it will...but not usually), but it does usually make the crud stand out better. When I hit a spot that I need to take a break on a coin I will lube it up and let it sit for a night or two, wipe off the excess, and get back to
work. A little soap and water and vigorous brushing with a soft nylon brush will remove the vaseline.
Chris
(note: this can darken some patinas)