So I decided to try it.
The transformation was amazing!
I first used solid Trader Joe's Coconut Oil
This was kind of messy because it dripped as it warmed up and melted.
I tested a small section to make sure it wouldn't lift the finish or be too greasy. I let it sit for a week and it looked so good, I decided to refurbish the whole set.
I switched over to Trader Joe's Coconut Oil Cooking Spray
I love how the whole set looks now(right chair). If you decide to try Trader Joes, coconut oil on your metal patio furniture please test a small part first to make sure it won't damage your finish.
And be sure and leave a comment and link to a picture of your before and after's.