Actually emulsification is a VERY old thing the government wanted to reduce pollution in the 70's using it in buses but decided against in short order.
Currently microbubble tech (the korean guys selling CNT FLA batteries) are trying to sell large scale systems for emulsifying diesel, fuel oil, kerosene and oil using stabizers to use as road fuel.
Too bad there isn't a diy emulsifier, it appears the cost per gallon is decreased and up to 40% water can be used in diesel, its stable for months, while maintaining moderately similar performance out of over the road motors, not low speed rigs. At least that is the claim.
Would be interesting to try in an old non-turbo rig.