I have a good deal of experience with this. I've volunteeed to be the Guinea pig for this 'experiment' and have committed to offering up my saws to the the bio-oil gods in an attempt to gain real, useful, direct, authentic, empirical information.
I've been using straight off-the-shelf corn oil, soybean oil or canola oil for three Summers and two Winters, and am now going into my third Winter. I have 4 saws; two 346XP's (one power ported the other stock) and a 394 and a 395. None of these saws has ever seen a drop of petroleum-based bar oil and they're all doing just fine.
As far as your fryer oil, usually they use peanut oil for frying turkeys as it can withstand higher temperatures than most, but I avoid it because its more expensive than the oils I listed above. It works just the same, but why spend more money than you have to?
The money is not really the issue for me between using veg oil over petro. Over the years, the price per gallon has been very much the same. Though currently petro oil is on the rise and veg is not. Part of it is convenience as I can pick up a couple gallons while grocery shopping, but mostly it is health. Regardless of the amount of tackifier in an oil, it will still spin off the bar. This is proven by the fact that when you run a tank of bar lube through, it is gone, left as a gift from us to the environment.
I got tired of petro bar oil getting on my cloths and tools and benchtop and having groundies overfill and basically just having sticky, smelly petroleum-based bar oil as a film on all my stuff. It's hard to avoid, petro bar oil has this ability to get on whatever it happens to be near. It doesn't wash out of cloths very well either and I'm just not comfortable with it in contact with my skin, whether pure motor oil or tackified bar and chain lube.
Then there's breathing it. Not so bad when on the ground, but I'm a climber. I use my saws in all kinds of funky positions and the wind can be coming back at me. Oil, no matter what kind, tackified or not, gets spun off the bar in little tiny atomized droplets and drifts onto whatever is in the area, including yourself. We try to minimize this, but the fact is, we breath this. If I have a choice of having to breathe either tackified petro oil or food-grade vegetable oil (and I DO have a choice) then the choice would be the less toxic of the two.
In trying to keep this post brief, I'll end here by saying, in my last severel years of experience running veggie oil Summer and Winter, I believe I have answered any questions there might be. I'm not some enviro-nut, but rather a person who questions conventional 'wisdom' and who is unwilling to believe something simply because that's the way it's always been done.
Gentlemen, if straight corn oil was in any way a problem to the saw, the oiler mechanism, the bar, the bar tip, the chain, sprocket, clutch, gaskets or any other part of the saw, I would tell you because if I were to give false information, the first guys to try it out would disprove it, and I would be a fool.
All it takes is a thin film of oil between two smooth steel surfaces to overcome friction. That's the physics of it. That's the bottom line. European countries are using expensive, tackified bio-oil which is about 99% vegetable oil ( I can substantiate that number). I set out to see if the tackifier is really needed and I have shown, having run hundreds of tanks of straight vegg oil over severel years in a full-time commercial tree care setting that we really need to question the information we've been fed and have come to believe as truth. Step outside of that box, look at the facts and resist staying with the petroleum mindset just because that's the way it's always been. Test it yourself. Run a gallon of corn oil. See it, feel it, touch it. Experience it. Don't believe me. Don't hold to you past convictions passed on by others. Get the information firsthand, directly by personal trial.
Then, if you have questions about things like running the oil at Winter temperatures, and oxidation properties I have pictures and published information on chemical properties and characteristics, as well as firsthand experience. I also have ordered pure Tack and understand it a good deal, outside of it being mixed with oil.
I have nothing personal to gain, no money to be made, no motive in contributing my personal time here except to share good, solid information.