If you want to be historically authentic, the refined product should be candles. Factories for making spermaceti candles were actually one of the first manufacturing industries in the English colonies, and it was a pretty big business.
Technically, they didn't turn whale oil into candles, spermaceti was a different product than the blubber oil. But for game purposes it would work.
Ambergris (a digestive residue from sperm whales) was used to make perfume, but it was never as big a manufacturing business as candles.