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.
“Life is a trick, and you get one chance to learn it.”
― Terry Pratchett, Nation