Highly suggest using this or octyldodecanol for any lip product. It's a thick, glossy emollient that works well with beeswax. It'll impart a natural shine to your lip gloss, balms, and lipsticks, and there's a reason why you'll see this in a lot of lip product ingredients. TKB lip liquids also use this as a carrier mixed with their castor wax (INCI polyhydroxystearic acid) to suspend their colorants if you feel like making it yourself.
It's true that this has side effects (it's a laxative) if ingested but that's only if you eat more than several grams. For reference, my lip balms have around 4 grams *total* and lip glosses have 5, so unless you're eating the whole thing in one sitting (why would anyone do that???) it's harmless.
However, I don't know if it's my batch or a downside for castor in general, but this goes rancid quickly! After 6 months since open date (stored closed in a cool, dark area) you'll start to notice the scent and after around 3/4th of a year it smells awful even though it should have a shelf life of around a year. I started mixing a tiny amount of vitamin E into the pouches just to combat that but at this point I'm considering switching to octyldodecanol.