Can't say I like the vegetable oil idea either. Would need constant cleaning or the stuff is simply going to end up as fordo suggests a rancid horrid mess. Seems to me that the given the small amount of lubricant required (most people apply way too much) the cost of using SailKote is not really a major consideration.
"Do you think God gets stoned? I think so... Look at the platypus." Robin Williams.