Just wanted to post an experience here. New York has seen some disgustingly snowy weather recently and a pair of high boots I have were looking awful. Covered in salt and such. I used Glenkaren's cleaner/conditioner and they got out all of the salt stains and seemed to really "plump up" the leather, especially in the creases. It was the first time I used it on my shoes actually. In the past I have only used it on my briefcase, and box calf travel bag.
It brushed to a low glow shine. Venturing out into yet another snowy day they seem to be repelling water really well. I guess that coconut oil does very well. One thing that I noticed though is in areas where it might be even slightly heavy dry whitish. I am guessing because it is neutral, so it is important not to over use. I only really saw this in hard to get to areas such as in the inseam area between the welt and upper.
The whitish residue you see is likely a bit of excess that has solidified due to coconut oil's low freezing temperature. However, your experiences with coconut oil based products are in line with mine. Highly rejuvenating and bolsters the water resistance as well