Re-posting a link previously mentioned here on the Farm.

Yes, that will work. I would just use about 1.5 litres of the ethanol. Place the solution in freezer for a couole days on the coldest setting then filter. I prefer VacFiltering over gravity to avoid the solution heating up and water soluables passing thru filter medium. Or if you want to clean up the oil the most for an at home process buy some dry ice and place ethanol/oil container in a small cooler with chipped up dry ice and crumbled newspaper [to slow down the dry ice becoming gas] for a couole hours then vaccu filter. I use ariund 5 pounds of dry ice to process 8oz of flowers with 4 L of 190 Everclear and use a vac filtering system. Good Luck!