You make some really good points, Lindy!
BBrown -- Have you compared your proposed recipe with the ingredient lists for the lotion bases? The lotion bases are using all liquid oils. Your proposed recipe is, as Lindy noted, all solid fats at room temperature with a lot of stearic acid (a waxy solid at room temp) and emulsifier. That's going to be quite a different product than the lotion bases.
Here are the major ingredients from the first lotion base:
Deionized Water, Grape Seed Oil, Avocado Oil, Caprylic/Capric Triglyceride, Emulsifying Wax NF, Glyceryl Stearate, Jojoba Seed Oil, Shea Butter, Aloe Leaf Juice, Stearic Acid...
If you wanted to use this list as inspiration, here are some ideas to consider:
I personally would not use grapeseed oil, due to its short shelf life. Just me. Apricot or almond are low cost oils with a longer shelf life. Coconut oil is also inexpensive, light, and long lasting. Other alternative oils with long shelf life and similar texture might be meadowfoam or jojoba, but they will cost more than apricot or grapeseed.
Alternative to avocado oil would be an olive oil with a light color and low odor or almond oil.
Alternatives to caprylic/capric triglyceride could be more apricot oil or meadowfoam. I would be comfortable with coconut oil as an alternative as well.
Alternative to the stearic acid would be cetyl alcohol, which gives a lighter feel to a lotion than stearic. I would use one of these thickeners in this type of lotion, because there are no butters to provide thickening.
So if you adapted this ingredients list, you could end up with a recipe something like this:
Deionized Water, Apricot Oil, Olive Oil, Coconut oil, Emulsifying Wax NF, Stearic acid OR Cetyl alcohol
Or even something simpler:
Deionized Water, Coconut Oil, Almond Oil, Emulsifying Wax NF, Stearic acid OR Cetyl alcohol
If you want to include a butter, here's a possibility:
Deionized Water, Almond Oil, Cocoa butter, Emulsifying Wax NF, Stearic acid
I've made this using a ratio of 5 parts almond to 1 part cocoa butter. It was a nice basic lotion.
This is a sensible book to get started with lotionmaking:
http://www.amazon.com/dp/0938497553/?tag=skimlinks_replacement-20