I've tried my own using Witch Hazel, Everclear, glycerine and essential oil.. I'm sure someone's done well with it... Mine was over-scented (the drip top popped out of the lavender), and burned pretty good... I think I overdid the everclear. LOL.. I really only did it because I was dealing with insomnia and was bored. It is, however, doable, and IIR I found a good bit of info online about how... Which I think I promptly ignored anyway. My experiment with grating Arko and Williams together, however, turned out pretty well.. A few drops of lime scent or essential oil, and that stuff is pretty good! (I like it better than the Conk lime, anyhow.) Just remember for AS or Cologne, you'll want to be able to put it in a cool dark place for a while to let it steep. IMO it got markedly stronger after two weeks.
I thought about doing that as well, but after going I questioned the ingredients they might put in the oils. Its not like they have the safety standards we have in the US. Skin infections were enough of a problem there, I wasn't comfortable using questionable liquids on my freshly shaven face. If I were to dabble in such an endeavor, I would pick up some essential oils from the local herbal shop and go from there with peace of mind.
I'd go the Denatured Alcohol & Glycerin route, the exact ratio of EO/Alcohol would be something you'd have to play with, I'd start with ~4 drops per oz of Alcohol and ~1 or 2 drops Glycerin per oz.
When I bought my EOs in Saudi Arabia, 1981,82, I was given directions for making Cologne but preferred to use the EO straight on damp hands, just a few drops did the trick. Knowing what I know now, i might add a drop to a dab of 444 ASB and apply.