Research biodiesel production. The glop you dispose of is glycerin and associated hydrocarbons. Refine the hydrocarbons out and you'll have glycerin. Expense, time consuming, and takes a bunch more chemistry knowledge than my simplistic overview here, plus the equipment to do so.
Once you have the equipment and process down, it's pretty cheap to keep the process rolling along. So you can turn your coconut oil to diesel fuel and glycerin and it's like a double DIY. Seems like an expensive oil to start from, but I get the impression that expense is not a concern to the OP.