This has been done before, - however you will probably not need the huge amount of oil as used in a normal glow engine because of the needle roller bearings used in a "weedie".
I believe that alcohol fuel still may be necessary, but you may benefit from higher compression when using alcohol.

One person who has a lot of experience in this area is RCIGN1, - he has described it in some threads, but I just can't find them at the moment, ( maybe somewhere in "scratch built ignition"),
I do know that it is in the forum somewhere.