That is a great question. I think extra virgin coconut oil can be another great addition to the types of fat we consume. Since it is low processed like extra virgin olive oil it can be a great source of unprocessed oils and other nutrients. It does offer some additional benefits as it is more stable in a frying pan because of its high saturated fat content.
The only precaution I would give in regards to extra virgin coconut oil is the imbalance it can bring if someone is consuming large amounts of saturated fat in the diet from other sources like meats and dairy. The two things to always keep in mind for a healthy diet are eat less processed foods and keep foods in a balance.

To lower fat in some of your recipes you can use a combination of butter, olive oil, applesauce and/or Nutrim. Nutrim and applesauce replace properties that fat would normally add to a recipe. You can start out by using these ingredients in equal amounts (e.g. 1 cup of margarine substitute- 1/4 cup butter, 1/4 cup oil, 1/4 cup applesauce and Nutrim(1Tbsp Nutrim with 4 Tbsp water). As you start to use these you may find one recipe can take more applesauce than others and the same for Nutrim. Cookies seem to do better with more Nutrim than applesauce where a quick bread my do better with more applesauce.
Another option is to put Nutrim in your butter to lower the fat and get the benefits of the Nutrim in the recipe. See the following recipe video to learn more.
http://www.oathealth.com/video-recipes/heart_healthy_nutrim_butter

When you are looking at your cholesterol numbers it is important to note your LDL levels. LDL cholesterol is the target that the government and health organizations use to determing your cholesterol goals. Since total cholesterol can be influenced by your good cholesterol (HDL) it can be harder to make an interpretation on your progress. There are many factors that determine when your total cholesterol will go down, but based on the current research you should expect to see a drop in your total cholesterol over time.