No experience with oil paint in drums but I got one that was used to hold old motor oil. I built a wood fire in it and burnt the crap out of it. It did burn a lot of the exterior paint off but I was planning to repaint with hi-heat paint anyway. After the burn I went after it with a wire brush on a drill and finished with a mouse sander. It was a fair amount of effort but I got the drum for free and it was worth it to me. Eight bucks is crazy cheap and I think you could make it work.