I think you are off just a little on your wood to oil conversion Travis. I can tell you for sure that last winter i used 600 gallons of propane in my shop. This year I kept it heated to the same temp with 2 cords of wood. That would equate to 300 gallons of propane to one cord of wood.
And you are going to have to start the new thread to enplane how propane is more efficient than oil.
I'll just do a condensed version.
Oil has 131,000 btus per gallon, where as propane only has 91,000 btus. On the surface it would seem that propane would be a bad deal right from the start. But because propane is easier to refine, and is pretty much a byproduct of the petroleum industry, its always cheaper then oil. The difference can be quite a bit.
As of Friday, propane here was 2.30 per gallon. Oil was 3.70 per gallon. So now we need to do the math to figure out what each btu is worth in order to compare apples to apples.
Propane: .0025 per btu
Oil: .0028 per btu
Now the difference does not seem like much, but you must keep in mind that oil can only burn at best at 80% flame, due to the sooty nature of burning oil. Propane burns at 95% efficiency. Automatically you have a .0003 difference on the fuel price, and a 15% better effeciency in the amount of heat you are gleaning from your heater. Now throw in cheaper maintenance over the life of the appliance, and cheaper installation costs, and propane is attractive.
Propane also has one other property that oil cannot touch, and that is modulation. That is a fancy name for the amount the burner can be turned up or down. Oil can only be adjusted from 65% burn to 80% burn. Propane on the other hand be be turned from a pilot light (1%) all the way up to 95%. This means that if your heater or boiler only needs to run at 40% effeciency, the burner can adjust the flame so it does not overproduce btus. Oil heat cannot go this low. So what it does is burn, get the room hotter then is what is really needed, then shuts off and lets the room be unheated for awhile, allows it to go below the thermostat set temp, then kicks in again. There is nothing really wrong with this, but you get hot and cold spikes that propane heat does not do. It modulates the flame to keep an even heat.
This modulation is readily apparent in my house and my dads house. I have radiant floor propane and he has radiant floor oil heat. The water in his floor can only drop down to 120º because of the way his burners work. My house on the other hand senses the temp outside, and compensates the water running through my floors to the amount of heat the slab is losing. If its say 23º outside, my water is only heated to 78º. That is all it needs to keep the house warm. If the temp drops, the heat running through my floor goes up. Basically it follows the outside temp and keeps the heat in my house very even. Not only does this increase home comfort, it reduces my fuel bill. I am not heating my water 1º more then what is needed and this saves me money. My dad's house...it can only drop down to 120º so he's spending money heating water higher then what is really needed.
So my dads boiler has a water temp range from 150º to 120º
My boiler has a water temp range from 150º to 70º
There is a lot more to this, but this should kind of explain why propane is the better choice then oil.