@adamthegreat,
It will work fine. It will also clean up the crap in your engine after a bit (maybe 3 or 4 tanks)
I make biodiesel from carp veggie oil. We take the fatty acid (cooking grease, tallow, tater chip frying oil) and refine it by reacting it with alcohol and hydroxyide mix in the presence of a catalyst. We react it at about 130 degrees and separate the complex ester from glycerine wich we deceant and sell to a soap craft factory for a big discount.
All our Ford diesels and one drill rig uses the biodiesel and weve had no problems.
Penn State has a web page on the process for farmers and home manufacture.