I looked at oil burners when I was setting up my foundry, and after reading about them, I decided to use a 100 lb. propane tank.
For smaller melts, you can use one or two 20 lb. tanks, you may have to change from one tank to another if the tank gets too cold and won't allow vaporization.
The whole deal of storing oil, potentially spilling it, the oily residue on the crucibles and inside of the furnace, etc. is not appealing.
Propane with an efficient burner is just not very expensive.
You should be able to quickly recover the higher cost of a more efficient burner such as a Hybrid Burner with gas savings.
The waste oil really needs to be filtered, and should you get water in the system, it will probably explode when it hits the furnace. That was my biggest concern with waste oil.
You really need to atomize waste oil, and probably need to spray it through a nozzle with compressed air.
Waste oil is way to complex for me for home castings.