I've been using only oils like olive oils and coconut oil mixed with aloe vera for years now. I think it works great. Besides keeping the skin from becoming greasy, the aloe vera also adds moisture. Like others here I also believe that if you can't eat it, don't put it on your skin.
I mix about equal parts and make enough for about two weeks. It takes about a day before the oil and the aloe vera blend together. Or I mix aloe vera and oil in my hands directly after I shower. You ajust the oil/aloe vera ratio depending on how you prefer your body lotion.
For my face I usually first put on oil, then the aloe vera. If you like, you can add essential oils.
Don't worry about smelling like a salad dressing. You won't. The olive oil scent disappears just after a couple of minutes and coconut oil smells fantastic on the skin.