Wow Ter bro... thats a question that gets attention!
Is cooking oil bad? Well, it's a vegetable based oil (prolly corn in most cases) so it's not toxic... besides if you do a websearch on homebrew skin care you'll see many "recipes" are based on vegetable oils.
On the other hand, like most oils it blocks pores, and can probably cause some rashes. It is also not water soluble so cleaning it off requires harsh soaps or shampoo. As for leaving it on, yuck!!! Remember veggy oil goes rancid in damp warm conditions.
I'd stick to water based lubes if i were you... buy the Costco bucket of KY if you need it...

Crisco or mazola is just plain gross, and it smells bad too.
Red