Ray, I've been using half canola and half extra-light olive oil (Bertolli) in my mayonnaise, made in a food processor. The X-light olive oil helps keep the flavor of the mayonnaise more neutral for an all-purpose mayonnaise. I do add a pinch of sugar to round out the flavor, but haven't detected any bitterness without the sugar when made in the food processor.
BUT, the question is: Am I compromising the health benefits by using X-light olive oil? I probably am, at least somewhat---here are the results of a quick search:
From Wikipedia: As they are the least processed forms of olive oil, extra virgin or virgin olive oil have more monounsaturated fatty acids than other olive oil. These types also contain more polyphenols, which may have benefits for the heart.
From LiveStrong.com: Light and extra light olive oils come from the very last press and they are very processed. Since extra-virgin olive oil has the best quality olives and is the least processed, it has the most healthy nutrients....
.....They go on to write (giving sources): All types of olive oil are healthy due to the fact that they include monounsaturated fat, which is a healthier choice than saturated or trans fat...Mayo clinic says extra-virgin olive oil is the healthiest for your heart, since it is less processed and has kept its heart-healthy nutrients, including antioxidants....Since extra-virgin olive oil has been processed the least, it has more antioxidants than the other types of olive oil.
http://www.oliveoilonly.org/ states: Extra Virgin Olive Oil offers more health benefits than Pure Olive Oil or Light Olive Oil.
[This seems to be a pretty informative site.]
I'll have to take some time to do more research and won't clog up the thread with more information. I'd welcome comments though.
Rita