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Haven't heard of using it, but it would probably work as well as glycerin.
Might be a bit harder to find in food grade form in small quantities though (compared to glycerin, which is easily found in gallons).
It's considered GRAS, and FDA and EPA approved for a bazillion different applications.
Personally, I don't see a reason why someone would really want to use it for this purpose, when there are cheaper and easier to obtain solvents that are just as safe...
May cause damage to the following organs: central nervous system (CNS).
Other Toxic Effects on Humans:
Hazardous in case of ingestion.
Slightly hazardous in case of skin contact (irritant, permeator), of inhalation.
Special Remarks on Toxicity to Animals:
Not available.
Special Remarks on Chronic Effects on Humans:
p. 4
May affect genetic material (mutagenic).
May cause adverse reproductive effects and birth defects (teratogenic) based on animal test data.
Special Remarks on other Toxic Effects on Humans:
Acute Potential Health Effects:
Skin: May cause mild skin irritation. It may be absorbed through the skin and cause systemic effects similar to
those of ingestion.
Eyes: May cause mild eye irritation with some immediate, transitory stinging, lacrimation, blepharospasm, and
mild transient conjunctival hyperemia. There is no residual discomfort or injury once it is washed away.
Inhalation: May cause respiratory tract irritation.
Ingestion: It may cause gastrointestinal tract irritation. It may affect behavior/central nervous system(CNS
depression, general anesthetic, convulsions, seizures, somnolence, stupor, muscle contraction or spasticity,
coma), brain (changes in surface EEG), metabolism, blood (intravascular hemolysis, white blood cells - decreased
neutrophil function), respiration (respiratory stimulation, chronic pulmonary edema, cyanosis), cardiovascular
system(hypotension, bradycardia, arrhythmias, cardiac arrest), endocrine system (hypoglycemia), urinary system
(kidneys), and liver.
Chronic Potential Health Effects:
Skin: Prolonged or repeated skin contact may cause allergic contact dermatitis.
Ingestion: Prolonged or repeated ingestion may cause hyperglycemia and may affect behavior/CNS (symptoms
similar to that of acute ingestion).
Inhalation: Prolonged or repeated inhalation may affect behavior/CNS (with symptoms similar to ingestion),