Thank you for your input, everyone.
I had never heard of SA as an emulsifier either and was surprised that there was nothing else in the ingredients pointing to an emulsifier. I think I will take a chance and try to make a lotion using it. What the heck, if I make a very small batch, there is little to lose. The lotion I was gifted stayed stable all the years I had it. It's all a bit strange because this is a pretty large company. I doubt they would not list ingredients that their products actually contained. I am confused. I also purposely e-mailed them and specifically asked about an emulsifier in that product, and they confirmed that it was the SA they used.
Regarding GSE as a preservative, I know many people do not think it works. It is all I use in my lotions, however, some of which lasted a year and a half before they were empty. I have never had a problem with any of mine. I purposely use jars (as opposed to pump dispensers) and make a point to use at least a little every day of each to really test them. So at least 1X/ day the jars get opened and fingers get put in to get some lotion. The lotion goes through temperature fluctuations of the seasons, too, including the heat of the summer since we don't use AC, with the temps sometimes hitting close to 90 degrees in our bathroom. Yet I never saw any mold. I don't sell my lotions and so have never had them tested, but all my lotions have kept a fresh smell, stayed stable, and felt wonderful.
The product I talked about in the original post is made by a pretty successful company that has their products in spas all over the country and some high end department stores as well. I am sure they have their things tested; they'd have a lot to lose if someone sued them. It took me about 5 years to use up all of the 16 oz. container from them (for which they charge $65+! As I said, it was a gift...
), and there was never anything in there that showed itself in any way as funky. But everyone should do whatever they are comfortable with. For me (and for them, since they still use it in that lotion currently) the GSE has worked very well.
I will post my results if I try a lotion with SA if anyone is interested. Meanwhile, should someone else have already tried it, I'd love to hear your experiences with it. Thanks, everyone!