I thought about this when I bought some high flash point solvent for a parts washer today. No time to look at it any further yet, and haven't even opened the 5 gallon can. Kerosene works fine for cleaning tractor parts, but this stuff is supposed to be safer. It's also supposed to have less smell than Kerosene, but Kero never smelled bad to me.
I was thinking this stuff, and Klotz 2-stroke oil might have promise. Klotz smells great when burning it in a saw, and has a great reputation for making engines last a long time.