Peanut Butter Suet - Homemade

If its room temperature and blends okay in the food processor, I don't see why not.

I just melt (microwave) and mix mine all in the same bowl.

My recipee is from the Sialis website. It is consumed by BBs, Cardinals, Woodpeckers, Nuthatches, Chipping Sparrows, RW Blackbirds, Carolina wrens, Chickadees, Mockingbirds ..... The recipee includes:
1 cup lard
1 cup crunchy Peanut Butter
1 cup cornmeal
1 cup sugar
3 cups oatmeal
I reduce the amount of oatmeal and add chopped raisins and/or sunflower chips
I melt the lard, peanut butter and sugar together, then add the rest. Place in baking dish and refrigerate. I usually line the baking dish with foil to facilitate removal. Cut into squares to fit your feeder. This recipee rocks the bird kingdom. I've also found that momma birds will rely heavily on this suet to support their brood.