I created these aromatherapy dream pillows because my hubby has been having a hard time sleeping. It's filled with an herbal blend of Lavender Buds, Chamomile Flowers, Calendula Petals, and Spearmint Leaves and and a blend of Petitgrain, Chamomile, Lavender, and Mandarin Essential Oils, so it smells very nice! A PDF recipe for the filling and a sewing pattern can be downloaded on my blog:
Virgin Coconut Oil smells fantastic, but unfortunately doesn't taste like anything. However, if you were to add a sweetener like Stevia to the balm, it might trick your mind into thinking it is tasting coconut. That's how a lot of flavored lip balms work. The manufacturer adds saccharin or another sweetener. When you smell the fragrance and taste the sweetness your mind thinks it is tasting that flavor when in fact, you are only tasting generic sweetness. It's kind of a neat concept!
So if you want to add an actual flavor you should probably go with a pre-sweetened flavor like MissDisney suggested, or try using an herbal sweetener like Stevia along with an unsweetened Flavor Oil or fragrant oil like Virgin Coconut.