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1 Substitute coconut oil on a 1-1 ratio for oil or butter. Melt the oil and cool it to just above room temperature before measuring it.  Use a ratio of 3/4 to 1 when substituting coconut oil for shortening. Use the oil in its solid state or melt it first.
I might use olive oil, or butter, or bacon grease, or, if I wanted a bland fat, peanut or macadamia oil, or possibly lard. For baking, however, the choices narrow. I use coconut oil for baking because it makes a good substitute for the nasty, dangerous, artificially saturated vegetable shortenings like Crisco. However, in baking, coconut oil must be used in its solid state. This means that if it's summer, and your home is warm enough that your coconut oil is liquid, you need to refrigerate it for baking, or you'll get a nasty, greasy finished product. To substitute for coconut oil in baking, you'll need another solid fat. You could use butter, but of course it has a distinct flavor, and is expensive. It also yields a somewhat less flaky result, though of course it's super-tasty, and very nutritious.