Safflower is probably better for lip balm, even extra light olive oil tends to overpower flavorings. My favorite lip balm recipe is 1 c oil 1/4 c beeswax, 2 tbsp (shea, mango, cocoa) butter, flavorings (I use essential oils, usually tangerine or peppermint, about 1/2 tsp) and then a few Vit E capsules squeezed in or 2 tsp wheat germ oil. This makes a nice consistency. I usually use almond oil and shea butter, sometimes mango butter with the tangerine.
I actually make this in the microwave.

: I microwave the beeswax in 2 minute bursts in a glass measuring cup, usually it takes 5-6 minutes to melt, then I add the oil and let it go another minute until the beeswax melts back in. Take it out, add the shea butter, let it cool a bit, add the E/wheat germ and flavorings, pour into containers. I've also done this on the stove using a glass measuring cup in a pot of boiling water, sort of a makeshift double boiler.