For it to be truly food-grade, it needs to be rated NSF H-1 which OK's it for incidental contact with food. If you look at the MSDS sheet for Lubriplate, the hazards of inhalation are lung damage and irritation (using FMO350-AW as the source). The reason for this is not just due to the mineral oil, but the additives they add to the mixture, which are proprietary and remain undisclosed.
Even with an auto-ignition temperature of 514F, as with any chemical or product, constant heating and cooling will cause break down, so I wouldn't be putting something like that so close to contact with my liquid (even o-rings will break down with constant heating and cooling, which is why it's important to keep a close eye on them and make sure they're in good condition).
I have my own self-designed lubricant for threading issues, and that goes near the battery and on all contact points the battery comes into contact with, but I even with it being non-toxic, I wouldn't put it around my atty. You're just throwing in yet another chemical to add yet another worry to the mix.
It's okay to lube the threads as venting, should it occur, is going to go through the vent holes in your APV (which are hopefully there), but for the atty, PG/VG is all I'd personally recommend.
And that right there is why I'll only use PG/VG to lubricate anything that comes in contact with the e-liquid.
That food-grade lubricant is rated as a food-grade lubricant in its "natural" state. Just because it's non-toxic at room temperature doesn't mean that it's safe to vape.