We've been experimenting a lot with bio diesel to use in our Toyota Landcruiser. We have found that straight WVO's (waste vegetable oil) have negative side effects for an engine. It regularly clogs filters and causes other associated problems. There is a stack of advice out on the net on cheap effective ways to process WVOs for everyday use.
We have found the cheapest way is straight filtration. Firstly through a cleanable SS filter and then through a 5 micron absolute element (cellulose).
Electrostatic filtration would be a great way of filtering but the initial cost may be somewhat prohibitive. They're expensive to buy and if you don't have some advanced knowledge on how they work, you may get a nasty shock if you try to build one (pun intended). They also work very slowly and have a higher cost to run the physical filtration and the end result would be a product that has been filtered well below necessary standards.
Bio diesel is a great way to save money and the environment. Just make sure you do some homework on the side effects before you get started.
You can check out websites like:
http://www.journeytoforever.org/. But keep in mind a lot of the info available is not entirely correct. IE watch temperatures during some of the reactions as some of the chemcials cause an exothermic reaction and hence pre heating the fluid can be unnecessary.
We are currently saving $AU0.80/litre by processing our own bio diesel and other then the initial stage where the bio diesel cleans out the fuel lines of build up and clogs filters we haven't had any problems. We have noticed a slight increase in fuel efficiency and power.