Way back in the day of V-belts, I used some belt dressing once to quiet a squeaky belt. By the end of the day, it had stretched just enough, that it was not being turned by the crank and my alternator ceased to be the charging system. Needless to say, I made it home in the dark with NO lights whatsoever. Now in the days of serpentine belts and tension pulleys, if the belt stretched because of dressing and heat, it would stay tight. However, my assumption would be that the more the belt stretches, the weaker it gets, and since one belt runs everything, if the belt snapped, you'd lose everything. Another point: V-belts only made contact with the pulleys on the bottom, or V side. Serp belts use both sides. I would be afraid of the dressing causing slippage and building up heat.
Just a thought.