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.
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"Those are my principles, and if you don't like them... well, I have others." Julius Henry Marx.