I do this too. I make a rejuvenating oil-based skin "lotion" with an infused coconut oil, a tiny splash of olive oil, shea butter, beeswax, and a drop or two of essential oils to make them smell good.

Works absolute wonders for my hands during the winter when they dry out and crack like crazy. I use it on all kinds of cuts and scrapes too. It also helps take away the itching feeling of wound healing. I don't have any evidence on if it helps increase the speed of the healing process, but it definitely helps relieve the pain I get from dry, cracked skin. And the oils help to rehydrate and get rid of the issue.