From what I've read, water suspended in the biodiesel is the possible long-term issue. There are water separator filters that can be used. Also colder winter temp pose another problem with fuel gelling.
I've also gathered that with proper filtering via centrifuge, you can remove all particles down to 1/2 micron and the water from WVO.
I'm considering filtering in this manner, then blending and using injector line heaters and a heated filter. In winter I will probably just run straight Dino.
As far as engine longevity, all the reading I've done suggests that biodiesel will keep your engine cleaner and the result should be longer life provided you have properly dewatered it and removed all the methanol.
Dino doesn't have any of those maintenance issues but you can't make it at home.