It'll smoke like crazy for a bit, but like was mentioned, you should be fine (if it didn't go too long the plugs should be fine).
One easily overlooked detail is where I pointed out to fill both the bottles only about 1/3 of the way up (2/3 empty if you're a pessimist
). I actually let one of the bottles run empty (so the other bottle will be 2/3 of the way full) and that will aerate the solution (in your case oil). The little bubbles make it easier to see which way the solution is going or if you're in sync and the little bubbles stop. If you fill the bottles 1/2 of the way up or more then when one of the bottles fills up you're going to start pulling solution into the intake.