I disagree with Erich, I think that finding the best emulsifier is the first key step. You can do that by just mixing oil and water (in the proportions of your required product) with the emulsifier and making a very crude emulsion (even shaking by hand), to see which emulsifier gives the most stable result (slowest separation).
The optimization of the processing depends on the batch size, what equipment you have available and what are the specifications of your final product (e.g. shelf life). So it's hard to give guidelines without more details.
Yes, I agree with Alan. I'm working now with emulsions, Also looking for good surfactants (or emulsifying agents(?)) But as I understand it depended on couple water (or other liquid) - oil (what type of it). Mainly crustal role plays functional group in oil and surfactant. I'll be glade for any suggestion. I'm working with methyl silicone oil.
Also is very important to use right mixing equipment for dispersion oil in maximum smaller drops. See the Stokes law for emulsion stability (http://en.wikipedia.org/wiki/Stokes%27_law) if particle smaller - the floating up speed is smaller. By my experience oil particle with size 1-0,5 um is very stable. For preparation I've used rotational disperser with cavitation effect - see my publication "PREPARATION OF COAL-WATER SLURRY USING A HIGH-SPEED MIXER-DISPERSER" in RG.