I don't think you're gonna save money on fuel by going to Diesel, even if you brew your own fuel. Kerosene is relatively inexpensive, but ether is another story.

Converting to running on ignition and gasoline is an option, but you'll find the overall expense and end result not worth it. You'll be better off, in the long run, selling the MDS 1.48 (or use it on another project) and getting a gasser from the get go.