I agree with firebrick43 about run away or oil mess. Aaladin eliminator waste oil stove is pretty cool. I found one for a friend and reversed engineered some. Tried to post some videos on YouTube about how it works. If your interested.
Not mine but the manufacturer's. There is a part 2 also.
Here is the factory manual posted on northern tool
http://www.northerntool.com/images/downloads/manuals/221550.pdf
It had all the safety features. Could be easily mimicked. I have been playing around with converting a pellet stove to run on waste oil. Still a work in progress. They have safety features as well as blowers(firebox & to the room). A lot of the time the pellet ogger or circuit board fail. Which would be needed anyways. Cheap on Craigslist. I looked for designs that have the firebox blower pushing air into the stove rather then sucking the exhaust out. I think the replacement blower would be cheaper and more generic.
There are a few videos on the web of guys dripping oil onto the wood fires for added energy output.
Hope this is insightful, Cheers