I am a retired toolmaker after 40 years. You really do need to completely immerse your part in oil at once. If you do not,you may not get fully hardened steel all over the part,and you can also leave unseen areas of stress circling the part. Just because it seems to work does not mean you are really getting the very best results by slowly or partly immersing the part. Most of the time,for home shop use,it may not be critical how fast you quench the part,but if you want the best performance.....
It may also seem to work if you wait till the part is cold before putting it into an accurately controlled tempering oven. You are not getting the best possible performance out of the steel. That means you are getting less long range wear resistance,and incomplete molecular formations in the steel.
I have mentioned here and elsewhere,01 is a better all around tool steel to use than W1. W1 is very treacherous. For example,If I make a letter stamp from a piece of W1 that is 2" long and 1/4" square,and harden its whole length,invariably the stamp will crack open down its length. That won't happen with 01 since it cools slower in oil. I only harden about 1/2" of the business end of letter stamps.
The main advantage of W1 is it will take a keener edge than any other tool steel. It won't hold the edge as long,but it will get sharper.
We used to have a 5 gallon ATF quench in the tool maker's shop I ran. Yes,there will be some flame,but just use long tongs. No problem. The fire soon goes out,especially when the part is fully submerged. We had a powerful exhaust fan above the quench to keep soot from getting all over the shop. The smoke should be your biggest concern if you have a neatly painted shop,OVER TIME,your paint can start getting dirty(Not all at once!). So,if you can have an exhaust fan over the quench(We also had a big hood we made. That helped,too). Your shop will stay clean longer.
I'm only mentioning the soot because I assume most of you have shops in the basement,or in the garage where your wife would not appreciate soot!!
There is nothing to be afraid of with a little flame up. Like I said, USE LONG TONGS. Ours were standard blacksmith type tongs less than 2 feet long. That was long enough to keep our hands well away from even the largest parts we quenched. The largest things we quenched were woodworking plane irons 4" wide and about 12" long,and 1/4" thick,for large molding planes. Even those were not dangerous to quench. Use long tongs,keep your face low. Wear goggles or a shield.