I'm not quite sure what you're saying soldier, but in MA there's no way that heating with electric vs heating with oil "all washes out". I think anyone heating with electric in this climate will lose their shirt. Yes oil/gas/propane prices are volatile, but so is electric. It's made with the same fuels in many cases, so it's not immune to price-hikes. We currently pay $2.80 for propane, and $0.18/kwh for electric. Both have gone up by half in the last 3 years.
Badfish, We moved into a house with propane FHA furnace and range. We immediately put in a feed for our gas dryer, and will soon replace our electric water heater with propane (either tanked or tankless, not sure). I definitely hear you on the cooking issue. We could never cook on electric. It drives me crazy when we visit my folks.
Since you want propane for that, and since you'll save money using propane for hot water, I'd just use propane for the whole system. There's less maintenance with propane, you'll have one less tank, and the prices between oil and propane are about the same. Plus the vent from your propane furnace won't leave a black smudge on the side of your house where it exits the foundation, and if it exits near a deck (as it does on my friends house) you won't smell oil fumes when the furnace is running.
As for tank ownership - up here the propane company owns the tank, and they lend it to you for free. You're tied to one fuel company at a time. You can switch company's but they have to swap tanks (at their cost). Propane tanks have to be outside (I believe) so one additional cost for propane would be burying the line from the tank to the house. That shouldn't be so bad though.
Hope all this rambling helps. Good luck.