Bryce
That should work fine, I have used motor oil also and I beleive that it was 10W30. It was used, so it would have been slightly thinner but not much, and seems to be about the same weight as the hydraulic fluid I'm using now.
I can't tell you what ratio on the gas, cause I don't have a torch set up. I'm heating mine with propane from a small venturi burner (heat shrink torch) I would probably go light on the Oxygen, because you don't need the heat any more intense than it takes to evenly get the whole blade up to color. Get the flame big enough to cover the blade if you can (if your not using firebricks or something to trap the heat) heat from the spine and keep the flame moving a little bit to heat it as evenly as possible.
Have enough oil there to completely submerge the blade, a gallon coffee can works pretty good for small (4" and under) blades, since you can heat the oil in it. Have something handy to put over the top and smother it if it should happen to flash too. Motor oil shouldn't light at the temperatures your dealing with, but its better to be safe than sorry.