No, I have not tried it. Since I don't wear lipstick, it has never occured to me, I guess. Zany has posted about using certain crayons (not all can be used apparently.)
Opinion: Lip safe colorants (in lipstick) would certainly be skin safe, so I don't think you'd have any worries regarding skin safety.
What else is in lipstick and how much of it is saponifiable vs unsaponifiable? I have no idea, but I think a little research might be in order to determine how it may affect your SF for your soap.
Wikipedia talks about some common ingredients in lipstick as well as history and some of it by country.
Lipstick contains wax, oils, antioxidants, and emollients.
[31] Wax provides the structure to the solid lipstick. Lipsticks may be made from several waxes such as
beeswax,
ozokerite and
candelilla wax. Because of its high
melting point,
carnauba wax is a key ingredient in terms of strengthening the lipstick. Various oils and fats are used in lipsticks, such as
olive oil,
mineral oil,
cocoa butter,
lanolin, and
petrolatum.
So there would be quite a bit of unsaponifiables in the waxes and other ingredients. So if it were me, I'd use a low SF to start with, but I already do, so I'd lower it even more.
Here is a website that lists details about 2,047 lipsticks by brand, product name & color, including ingredients, colorants used and hazard ratings:
link