I don't see any reason why that wouldn't work. For what it's worth, I store mine in the pantry and it's usually good for a few months at least, as long as it's sealed well. It's just crumbly and not powdery, and may need a bit of shaking up to break it up before using. I have never had it go rancid even with olive oil, but then I tend to go through it pretty quickly, or within a few months. Still, I can't think of any reason why dividing it up and adding the oil afterward wouldn't work.