From what I've been able to gather, 6" is a minimum diameter tank for quenching blades of any real size (i.e., more mass than a paring knife.) On sword forums, guys talk about 8" being a more correct volume if the blade is nearly as long as the tank.
That said, oil ain't cheap, and a bigger tank is tougher to preheat as well. So I have gone with 6" myself.
I have a 40" x 6" vertical pipe tank for swords and other long blades, and a 20" x 6" tank, both filled with soybean oil. I preheat to 130 when using either- I have a long analog meat thermometer hung into the oil from a clamp on the rim, a fryer thermometer will also work but is calibrated with most of its range above what you will need, and so can be somewhat less accurate.
I preheat with a chunk of 1.5" round steel about 8" long welded to a rebar handle. I know about the right heat color to get it to heat my smaller tank to 130f in one quench, with the bigger tank it takes two. After using it for a while, I forged the end of it into a sort of carrot shape. You want to get it under the surface of the oil quickly to minimize flareup and smoking, which can cause a significant splash if the end is not pointed. Lots of swirling around and up/down movement, and within 30 seconds you'll have extracted all of the heat from the bar. The thermometer will read more accurately if kept away from the wall of the tank.
I have a bucket of Parks 50 too, which I need to make a quench tank for. I need to preheat it here in the winter, but I only go up to 70 or 80 degrees with it.