Yep, hair conditioner is basically a lotion just like you put on your skin. You might choose different ingredients for hair, but it would be easy to design a dual-purpose lotion that would work fine for both.
"Conditioning emulsifier" (BTMS is a name brand example) is an oil-free conditioner that is a good choice for hair, so I usually use that rather than e-wax (polawax). Coconut oil is an inexpensive oil that is also especially good for hair. Here's a simple conditioner recipe that I've been playing around with for a year or two. It works well on my fine wavy hair.
Coconut oil 2%
Conditioning emulsifier 5%
Cetyl alcohol (thickener) 2.5%
Honeyquat (humectant) 3%
Essential oil blend 0.5%
Germall plus (preservative) 0.5%
Enough water (86.5%) to make the total percentages add up to 100%
Substitutes: Stearic acid could be subbed for the cetyl alcohol although it may change the texture a bit. Glycerin will work in place of the Honeyquat (or just eliminate the humectant if you want; it's not strictly needed). Any broad spectrum preservative will work in place of the Germall plus -- just use the alternate preservative at the rate recommended for it.
You'll find all kinds of additives that can be included. I just like to keep it simple.