This would be the absolute best. You can heat it up and the alky will evaporate off and re-use it several times.
http://www.redlineoil.com/product.aspx?pid=17&pcid=1
We have been doing this with Valvoline 50wt and Lucas 50wt with alcohol engines for several years and no problems. Have not tried it on the Bradd Penn 70wt on the nitro engine though. I kind off pissed of the wife when I confiscated the turkey cooker and she caught me pouring used engine oil in it! lol