the used dino oil is the most correct way, the thing you need to do is put it into the liquid and swirl it around, you can't do that as safely with oil, water works, used dino oil works better as it does allow carbon to bond as well, the other reason people prefer oil is you can reheat repeat and add more carbon, I have made knives this way. another thing to think about, is keep your old lawn mower blades, and if you need something already tempered, its thick, strong and tempered.
remember you must swirl it to temper properly, the boiling of the liquid along the surface slows the temper, and you want this to be cooled as quickly as possible (I've gone so far as to swirl in ice water with good results. if you just drop it in the oil or water, it will temper, but not nearly as well. have fun with it.