This may or may not work and it may be completely crazy/ bogus but... since you hate the smell/ color soooo much, you may want to try this. I found an article on bleaching/deoderizing palm oil. It does say this happens under pressure though so it may not do much for you. (they also mention tallow)
http://www.eurofedlipid.org/meetings/archive/cracow/5877/5877_0233.pdf
It says it is cleaned with fullers earth and a mineral acid (according to wikipedia, this can be nitric acid, hydrochloric acid, sulfuric acid and even boric acid, borax in water).
It talks about how if you dont wash it really well with hot water first though that it gets suuuper gross. From the article:
" However, when these oils or fat were
pre-treated by washing with hot water at 80oC for 30 minutes, the bleaching cost was
reduced by 50% and the bleached oil colours were lower (0.8R, 4Y, 0B, 0N) and stable
for both palm oils and tallow fat. No extraneous odour was associated with the bleached
oils. "
So, if you wanted to, I would try this with 1 cup of oil. Heres what I would do (this is complete conjecture/ on a whim. I'm basing some of it off of my used cooking oil cleaning experiment).
1. Weigh 8 oz of oil
2. Add oil into a closable/ shakeble container (20 oz soda bottle works well, make sure its PP5 or HDPE though)
3. Add 8 oz HOT water (80 C is almost boiling) bring the water to almost a boil and add it to the bottle.
4. Cap and shake gently (use gloves!). Open the cap to release pressure every so often. Do this for about 2 min. You dont want to shake vigorously or your oil will become emulsified.
5. Remove the water layer (thats the bottom layer, probably easiest with a turkey baster, no need to remove all the water at this step)
6. Add more hot water and repeat 2x.
7. Take off the water one last time, this time try to get out as much water as you can don't worry if you loose some oil this time.
8. Add 1/4 cup fullers earth and 1/4 cup borax.
9. Shake a few times a day for a week or so, The color should go down at this point and start staining the fullers earth/borax mix.
10. Warm the bottle (like a double boiler) so that all the palm is melted again and filter it through a sifter and then through a coffee filter if you want.
I know it seems like a lot of work but, it might be worth a shot. Who knows?? Btw, I'm totally guessing at the amounts of fullers earth and borax (if borax will even work... they might use hydrochloric). Plus, they use a high pressure system that is probably at high heat and has continuous stirring....
Thought I'd share it though...
Edit:
Acording to another article, they use phosphoric acid which is found in relatively high amounts in coke (or pepsi). Maybe you could try the hot water stage with hot, flat coke instead?