I have heard of that before. Sounds like a good idear as well, and one that wouldn't potentially stink up the house.. LOL... I have a hotplate that I use for cooking off grey water, and I guess it could get the oil hot enough. How hot are we talking? What type of oil? I am assuming I should put the spindle in the pot while the oil is cold and set it so it's not on the bottom of the pan. When I heated the ring gear in the oven, I got it to about 300 degrees for at least an hour.
Don't worry, I won't try to heat the oil in the oven... :D It will be outside and I will be wearing enough clothing to protect myself from splashes.
Trying to remember, been some time. Used 40w locomotive oil, heated by torch for a hour or so. Lota fumes from the oil I don't know what the temp was.