I'm not sure if we are talking the same things but in quick terms no. Each smoker has a cruising temp which it likes and will plane out at. For cooking ribs, butts, chickens, and cooked (smoked) hams you want the temp to coast between 225-300F or what they call low and slow. This will render the fat and make some of the best eating you've ever had but it takes time. The house we had discussed is for cold smoking. Cold smoking is done at a low heat of about 60F so the fire you would build in the house would just be a small fire just enough to fill the house with smoke and put very little heat in it. You'd repeat this twice a day for several days or several weeks depending on what you are doing. For me, there are very few days where I can actually cold smoke meats because our ambient temps are usually 60 or better and I'd have to do this in a refrigerator. But that really doesn't matter because I can warm smoke at 140 - 170F and as long as I do this the fat will not render and is only a problem when it comes to smoking salmon because to smoke salmon you really need the cold smoke else the flesh will cook and you cannot slice it thin like people like.
So the bottom line is, without a lot of modifications to the oil tank - ie making two seperate compartments in it - one being for cold smoke and one being for hot smoke I don't think it would be worth it in the long run cause you would have to constantly babysit the fire and keep an eye on the temps or you'd ruin your meat.
What I would suggest doing is building a reverse flow smoker out of the oil tank. This would work for 90% of the things you want to cook. I'd then build a small outhouse type cold smoker out of wood for your hams and bacon and stuff. This is an easy and cheap build and if you find you are pushed for space I'd build the one with the concrete floor or better yet - let me be the guinnea pig and tell you how this new design I'm working on turns out.
