Well I'm sure I've felt more stupid at some time during my life but I can't remember when. It just didn't cross my mind you were referring to a quench tank.No, this is going to be my steel quench bucket. It came in a plastic one.
The silicone is sealing the bottom of the bucket so yes it will be in the oil.
I agree with all who said use metal. Welded or braised seams are best.
I think I'll go do some brain exercises. LOL