I would use it and I do use it. If it's safe enough for my skin which is living, then surely it is safe enough for my hair which is dead. I use body cream for moisturization, I have type 4 hair, very dry, and the creams keep my hair moisturized.
Off the top of my head, one of my body creams has: water, cocoa butter, sweet almond oil, jasmine, oil, and aloe vera. Let's see 1st ingredient water, so I know it's moisturizing. No mineral oil, lanolin, petrolatum, no protein. No brainer for me.
When I first started healthy hair practices I could never find a suitable moisturizer cause the ones in the traditional BSS's stunk, with crappy ingredients. After learning more about what a moisturizer should have, is when I started experimenting with lotion/body creams. There are some natural hair vendors, shescentit, hairveda, KBB, etc that seem like they would have excellent hair moisturizers, but when I compare their ingredients to what I have in my stash they seem no differnt. And I hate having to order the basics online.
For those that want to venture out, check your TJ Maxx's, Marshall's etc. They have decadent body cream, with terrific ingredients, for cheap.