It depends on the recipe and what the intended outcome needs to be. Glycerin (vegetable for food use) provides more elasticity and helps the food substance to retain moisture so that it does not begin to crackle and/or flake. For example, if you are making an icing for a cake, and the recipe requires glycerin (vegetable, of course), then you should not substitute corn syrup, otherwise you could end up with a icing that looks like a dried mud flat out in some desert. Corn syrup is a glucose based concoction and is high in caloric content as well. Glycerin is low in caloric content, provides elasticity, and retains moisture.
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No. Vegetable oil is a completely different substance from corn syrup and will not produce similar results.