Not exactly smoke oil.
Shell Diala S2 ZX-A is an inhibited electrical insulating oil manufactured from highly refined mineral oils. It offers good dielectric properties, good oxidation stability, and provides efficient heat transfer even at low temperatures. Shell Diala S2 ZX-A meets both established and new industry...
petroleumservicecompany.com
But I can see where it might be a substitute. However I've been led to believe that aviation smoke oil is formulated to be less harmful to the environment and also to produce bright white smoke.
Right now it's about twice as expensive as aviation smoke oil, so I doubt anyone would buy it for that purpose. ($1200 vs $600 for 55 gal drum)