Someone recently used a mass spectrometer and found out that a very popular gun lube, and one with some of the best corrosion-resistant properties (also non-toxic)... is mostly just coconut oil with some added scent and color to disguise what it really is. Froglube, formerly Tracklube.
Here is a comparison test a guy did to see which gun lube products provided the best corrosion protection. I was impressed at how well the test was done, compared to earlier articles I've seen attempting the same thing.
http://www.dayattherange.com/?page_id=3667This was published well before it was discovered Froglube was mostly just coconut oil.
I'd want to see or perform some additional testing before I trusted it plain coconut oil to protect anything of serious value, but it's intriguing. If you decide to try it out, it's pretty expensive at the grocery store but Costco has big tubs of it at a decent price.