The answer is yes but not to heat the house. It will only preheat the house on initial start up. The delta T is too low to have any impact and the demand is too high. You will need to look very closely at the initial outlay cost versus the cost benefit in savings from running costs. It this tallys, then you could consider, if not then look for alternative options.
On oil, I would certainly consider the buffer tank option. It eliminates the need for modulation and increases system efficiency 10 fold.