It depends on how dirty the oil is, and how clean you can get it. I wouldn't do it if you are just running it through a typical oil or fuel filter but some people do that and have got away with it. I would want to have an efficient centrifuge setup to filter the oil with but they are expensive too. A good centrifuge setup can make dirty oil pretty clean or at least look like a gold colored tea after a good pass or two. You can still have the concern of chemicals or acids in the waste oil and oil can coke up the combustion chambers, injector nozzles and pistons too.
I've ran up to 100% oil/atf before, or at least as close to 100% as I could without draining the fuel tank and lines. When you start getting over 50% you need to consider the outside temps, cold, thick oil doesn't move very well through fuel pumps and IP's.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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