Oh this is fabulous! I've seen hair treatment versions recently all over the place (including ones using this picture as well! haha) and have only tried a few. Mostly the olive oil/honey mix and I've even seen Avocado/oil mix---I just added avocado to my already perfected olive oil/honey mix---I prefer adding the avocado--there is a subtle difference to the softness between the oil/honey only mix, but it does feel softer to me with the 3 ingredients vs 2).
Where do you buy your coconut oil? Does it have a strong odor? I've never used it and I have these grand images in my head that I smell like suntan lotion! lol.
Shout Color Catchers. I get it in the laundry aisle. I usually use 1 or 2 depending on the colors. I have a quilt with some Bright Pink Kona Cotton that STILL bleeds a bit, but the color catcher always picks it up. Works well and keeps my white Kona from being stained.
If you really want to pre-shrink, you can use your tub (that's what I did the one time I pre-shrunk lol). But honestly, I'm lazy and just wash everything at the end in the washing machine (and use color catchers just in case ).