I'm not too sure how well the pine tar will play with your idea of an absorbent type of lotion, just from playing around with a dab of it on my hands when I made pine tar soap. I might offset it with fractionated coconut, jojoba, almond, or other light oil if the goal is a lighter "dry" feeling lotion, rather than a heavy cream or salve. The shea or avocado butter will make the lotion more greasy and thicker.
I did find a few vague references to pine tar salve or lotion and was seeing percentages of pine tar similar to what is used for soap -- anywhere from 10% to 20% of the total oil-phase. Nothing really concrete to share, unfortunately.
On a related note, I took the plunge today and ordered some "Stockholm" pine tar -- the pine tar that is actually made in Sweden. It comes in "light" and "dark". I ordered the light, which is recommended for above-ground wood treatment, use on horses, etc. The dark is for below-ground wood treatment and other purposes where rot resistance is important. (No recommendation for soap or other products for use on humans, unfortunately.) I thought humans might be more like horses than like posts buried in the ground.
I get the impression that the Swedish product is thicker and more piney smelling than the "burnt rubber" smelling Bickmore product I have been using, and that would be a lovely improvement. It's considerably more expensive than Bickmore, but I'm looking forward to seeing the difference. What exactly I'm going to do with a whole 3 liters of the stuff, I'm not quite sure -- perhaps I shall become the crazy pine tar soap-and-lotion lady of northeast Iowa?!?
Oh, and Angel Momma, I use calendula infused sunflower in a lip balm aka lotion bar. Like you, I really like the calendula. This past winter was the first time in years that I have not had dry-itchy skin, and I really do credit the calendula for that.
Even my normally macho strong silent type of brother told me he really likes the calendula-based lip balm I gave him. For him to give that kind of praise is pretty amazing. Guess what he's getting for this coming winter season!
I think I'd avoid pine tar in a lip balm -- the odor is so strong and I'm not sure I want to ingest pine tar. But Mockingbird's idea of pine tar in a salve or lotion for general skin use is intriguing.