You may want to consider completely ditching the oil if your electric rates are reasonable. If less than $.07/KW-Hr, I think you'll be ahead even with pure resistance heat with the current oil prices (unless you get yours real cheap).

You can do the math to see where the crossover point is for raw electric -vs- oil. For me, last year was borderline and this year was a no brainer -- electric much cheaper (the cross over was around $2/gallon).

The fly in the ointment is do you have enough electrical capacity to have a large resistance heater. If not, you need to weigh the costs of an electrical service upgrade with those of the premium for oil and the yearly costs of cleaning your oil furnace. For me, the environmental risks of a 40 year old buried tank leak had an infinite price.