Good question. I've not heard of anyone trying this before.
A little reading reveals that it has a massive surface area for it's weight and will dry steam, remove chlorine from water and it appears to have a strong affinity for methanol at ambient temperatures which it releases at around 100°C.
So it might be of more use at the end of the process. I wonder if veg oil would coat the particles, preventing them from operating?
I guess the only way to find out is to give it a go. Be careful though, some of the powders can be extremely fine (at micron levels) so once in the oil it may be difficult to remove.