From what i’m to understand, waste fry oil is a poor starting material, but it can be turned into a high quality diesel fuel. That being said, it will likely take you a while before you have a decent process and recipe nailed down. The others all make good points also. Before using it, you should start using a good quality fuel system cleaner additive, to gradually clean all the varnish and other deposits out of your fuel system, becuase the bio-diesel will aggressively strip it out and potentially cause you some issues. You will also need to add an anti-gel and dispersant additive to your biofuel depending on your climate, and how thorough you are able to ‘wash’ your biofuel.
You will also need a good source for methanol, you will need a fair bit, and you should look for lab grade or highly pure KOH (potassium hydroxide, caustic potash) in order to get the best results.
I say, if you have the time and resources, have at’er!