Oh wow! I've never made my own coconut oil but that is cool!
I don't think it would be ideal to extract it from canned coconut milk, because they often contain thickeners and preservatives and such that I'm sure you don't want in your oil. If you can find organic canned coconut milk with no additives I'm sure it would be fine however.
It doesn't look too difficult, but its a pretty long process. If you do end up doing it, let us know how it goes!
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