I have been thinking about making my own abrasive paste. Standard recipe seems to be 1 part beeswax, 1 part Diatomaceous Earth(DE) powder and 5 parts of mineral oil- all by weight.  My question is why not use an organic oil ie canola oil, etc instead of mineral oil?  I have been using Canola oil for quite awhile for wet sanding of tear out and other sanding issues and have had no issues as most of the oil gets shear scraped or sanded off any way.

I have not used any of these abrasive pastes but am concerned with leaving a remnant of the mineral oil (or canola) on the wood, and this interfering with a top coat (film finish). I have no idea if "a little bit"  of oil remaining can cause a problem, it probably depends on the species of wood and its pore structure.  For this reason I was thinking of making an abrasive paste using walnut oil, which is a curing oil.  In fact, this seems to be similar to wet sanding with walnut oil, which I like to do, either as a stand-alone finish or underneath oil base poly. 
Another point, I understand that the paste instructions call for the wood to be sealed prior to using the paste.  Perhaps this prevents the wood from absorbing mineral oil. 
Finally, I would be concerned with canola oil turning rancid.