Lye is perfectly acceptable. Its safer to use washing soda, but lye (at least the stuff you buy at the store) is not weaponized or anything... its pretty mild at the concentrations used. I wouldn't drink it, or put my bare hands in it.
For dirty parts electrolytic will get more done.. I everyone will tell you any grease /paint in molasses will not allow anything to happen to the rust under it.
Feel free to try molasses. But don't expect anything near the results that you get with sandblasting. And for the work involved vs the results... molasses is a distant 4th (sandblasting, phosphoric acid dip, electrolytic, molasses).
