Am I doing the right thing? Are there some particular problems that I can have with the car, that will make it very costly for me?
Super dooper
Funny how you say "good luck with that". The person with the biodiesel mentions he has been running it in his vehicle for 3 years. So it would appear he doesn’t really need any "good luck". biodiesel is a genuine alternative, even "making that crap in your basement with old restaraunt greese(sic)". The process for making biodiesel from waste oil is very complete, and cannot be "half done". It doesn’t matter whether you use fresh canola oil or used oil, you will get the same result. You either get BD, or you get crap.
Home makers of BD have sent their’s away for analysis and have documentation showing that their BD is 99.7% pure ether compounds. The standard is 95.5%, and that is the blend you are paying extra for at the pumps.
The process is actually quite simple and clean you can buy kits for under $1000. I’m currently looking into it myself.
In answer to the original question, it is worth your while at the very least to do a bit of research on the subject, all it will cost you is a few hours of your time.
hybrid cars are still under powered, heavy and unproven vehicles. The are only economical if you are doing under 40-50mph, after which point they have the same economy of a small car.
The issue with bio diesel is that you have to make it yourself to get it for 20c/gal. However, considering you could make a saving of $4-6000 per year, it’s worth serious consideration in my book. $300 – $450 dollars a year to run your vehicle sounds pretty good to me.
OR, you could run your hybrid on BD and have the best of both worlds!
The first 
Peugeot’s 908 HY
New Delhi, June 19(ANI): Now it’s the turn of car makers to join the eco-friends Bandwagon…And Honda is leading the way in India. Honda Siel Cars India launched India’s first 
Car of the future.
Porsche 911 GT3 R Hybrid Super Race Car First Look Geneva Motor Show 2010 Porsche 911 GT3 R Hybrid to Celebrate World Debut in Geneva Porsche AG will unveil the 911 GT3 R hybrid on March 4th in Geneva, exactly 110 years after Ferdinand Porsche developed the world’s first car with hybrid drive, the Lohner Porsche Semper Vivus. This will open a new chapter in the history of Porsche with more than 20,000 wins in 45 years scored by the extremely successful Porsche 911 in racing trim. The innovative hybrid technology featured in the car has been developed especially for racing, standing out significantly in its configuration and components from conventional hybrid systems. The car features electrical front axle drive with two electric motors developing 60 kW each supplements the 480-bhp four-litre flat-six at the rear of the 911 GT3 R Hybrid. A further significant point is that instead of the usual batteries in a hybrid road car, an electrical flywheel power generator fitted in the interior next to the driver delivers energy to the electric motors.