2 cycle oil is ashless oil made to burn and is the right idea.
I once put old dried up gaskets in a dish of MMO to soften them up. I forgot it for a week. When I checked it out, the MMO had half evaporated down to heavy golden colored regular looking oil. I expect there's a lot of solvent used to thin it out, but it does have a base of oil.
About 10-12 years ago, I started using 2 cycle oil as a top end lubricant in my gas to make up for the loss of the Zinc and Phosphorus in oil. Then I started using a Zinc/Phosphate additive in the oil.
Just went out to light some MMO on fire to see how much black smoke came off but I musta ran out of MMO. Maybe someone else might try the experiment.