Well, I for one do appreciate it when someone comes across something to add to a discussion and ... does exactly that - ADD it to the discussion, rather than just starting a new thread, disconnected from all previous discussion. (Which Woeski actually also did, just a few days ago.)
As it is, this subject already has a few threads.
Olive Oil is a bad choice for a real "calibration".
However, those advocating using it for sanity checking or for restoring factory setting do muddy the water by referring to those actions as "calibration" (which they are not).
To take the point made by Hivemaker and o90o, you can live with an error, but only after you know its there and know what it is.
*Knowing* those things, as opposed to presuming them or allowing for the error hopefully being within some arbitrarily set limits, does require a real calibration process.
And since a pharmaceutical grade product is going to be much more consistent than an agricultural product (coming from different crops, countries, processes, etc), it is going to be a much better choice as a reference for true calibration -- checking and possibly even improving the accuracy of the factory setting. Or even for making an estimate of the error in that factory setting.
Unless you do check your instrument against a standard that is 'accurately-known' (strictly, that would be traceable to international standards), you simply don't *know* what the error in your instrument might happen to be.
When o90o says "Just like a car speedo- what it reads and what the real speed is could be up to a 10% error" he means that that is the allowance he makes, based on his appetite for risk. The strict logic of his statement is the assertion that no car speedometer has an error greater than 10% -- and that it is an assertion that I do not accept.
10% is a reasonable estimate for the error, but it is possible it could be more.
Until you check it, you simply do not know how big the error actually is.
And you can check it, either with GPS (which I would regard as a sanity check) or by timing against motorway "mile-posts" which are accurately placed at 100 metre intervals ... Calibration is possible - you don't have to accept an arbitrary estimation of the likely error.
I think Glycerol should be a better calibration standard than olive oil.
I don't know enough about its stability to give an opinion on whether it would be as good as olive oil for checking the consistency of the instrument over a period of years -- but there should be much better consistency between fresh Glycerol samples, so getting a fresh bottle would overcome worries about stability.
Similarly, I don't know how Glycerol would compare against purpose-specific optical calibration oils. But I suspect it would be much cheaper and more readily available.