The oil restrictors should help a bit with the oil control, perhaps over fill it a bit and test out how the oil pressures go.
RE, NYE. not a massive number of options, if you want to stick with the "summernats" theme you could get drunk in civic and then watch the fireworks. (assuming you are staying north side) or you could visit fyshwick or mitchell for some "adult entertainment".
A lot of places actually close down during summernats as its quite a hassle dealing with all the drunks.