Penetration of body armor depends much on a combination of sectional density, velocity, and projectile hardness(resistance to deformation)..
Coating a normal( Lead core, cupro nickle, or gilding metal alloy jacket) bullet with teflon will reduce it's friction within the bore(thus giving it a bit more velocity) but it will not in itself allow it to penetrate kevlar any more efficiently..(the lead will still happily mushroom against the kevlar, teflon coated, or not..)
Using something like a steel or hard nonferrous alloy is one method that can allow a handgun projectile to penetrate body armor.. These tend to be lighter than lead, hence more velocity from an equivalent powder charge can be gained. Also being harder, it can be formed to have a shape that readily spreads the weave of the fabric, while resisting impact deformation..
The modifyer of adding a low friction coating (Teflon, Nylon, etc) to one of these light fast bullets is more to reduce bore wear, or galling of the alloy to the barrel..
Meplat-