Some great pics and video!
We blow out the hollow points with air compressor. It gets most of the oil out but does leave a bit. We have seen a diff in the amount of trail with the different cutting oils that we have used. So I do believe there is a trail left by the burning off of some leftover oil. I don't think there is any effect on bullet flight. The only other way that we have come up with to get the oil out of the hollow point is to make a centrifuge to sling it out. It has not been a priority at this point.
Late to the party here as I just saw this. I checked my hammer bullets and the hollow points are about 1/2 to 3/4 full of oil, so a pretty good sized drop. I used a #54 drill bit reversed (0.055") to push into the hollow point and purge the oil out. This is from 162 grain absolutes in .308 and 213 grain hunters in .338. Hammer bullets have been exceedingly accurate for me (with oil in), but I purged them nevertheless because I don't think it could hurt and it's pretty easy to do with the drill bit.