I've got a new over the top idea for my setup (would be cheaper to build a forkenswift already).
A Centrifuge!
I know it would filter the wvo better than anything else, and I'm thinking it would remove a good portion of dissolved water as well; primarily due to the fact that the water mostly in particles, but also due to the fact that oil is lighter than water, so the water should end up trapped . . .
Here's the youtube vid that got me interested.