Ultra sonic treatment gives a great emulsion of Olive oil. For degradation of lipids you want to have micelles since the degradation occurs usually on the interface. There are many reviews on this issue (for a start M. Salameh and J. Wiegel. 2007 Lipases from extremophiles and potential for industrial applications Chapter 7. in Advances in Applied Microbiology 61: 253-283)
it depends for what you are adding oil in medium. For hydrocarbon degradation studies i use to add oil directly in medium and with shaking small emulsions will form . if organism is capable of utilizing oil you will see growth.
for solid medium you just cost the agar plates with oil.
for oil in media you have to prepare the proper solid mixture of ur powdered medium with oil and air dry it. then afterwards prepare the medium by adding that properly absorbed powder -oil mixture soild .
In my opinion, you can use different types of emulsion such as micro-emulsion, macro-emulsion, and nano-emulsion. In my master thesis, I added emu oil into stem cell culture by use of lecithin as a strong emulsifier and ultra sonic method. There are various methods and emulsifiers. So try to study more and select the best one according to your project.