First, I do not expect to observe the same "energy" efficiencies as with metal structures, just the feasibility at low power levels.
Second, many electrically conductive polymers and composites are effective EMI shields, thus demonstrating they have electrical properties that emulate metals, and many of these do not contain metal additives.
Third, I am constantly reminded that metals have very low DC resistance, but then at even moderately high frequencies it is the "skin effect" conductance that is important, thus the AC resistance is the factor to be considered.
In conventional metal waveguides the following has been found to be true, "The distribution of current density in the surface of the conductor will vary with depth into the conductor according to an exponential law (Skin depth)."
One might think the conductive bonds in non-metallic conductors act in the same manner. I find that this issue is being studied at the following sites:
"Applications of polymers and molecular magnets - low frequency electromagnetic shielding and resonators/absorbers"
and at:
where they have found, "At high frequencies, by contrast, the measured shielding efficiency tends to increase with frequency earlier than theoretically predicted."