I have heard that it does! My grandma told me that "back in the day" before all of the different tanning lotions came out that is what she used. I am going to Florida in October and plan on using that method the whole time I am down there! Happy Tanning!!
I used to use baby oil to tan when I was a teenager and it burns the heck out of your skin. The iodine will just turn you orange, I think. But there is iodine in a lot of self tanners.