It absolutely is worth making nitro diesel if your only oil source is oil sand. Nitro diesel is about 500 EU/L after deducting processing costs, one oilsand block centrifuges to 500 L, so one oilsand = 250,000 EU. That's about 10x the energy density of wood converted to charcoal via the charcoal pile (1 wood = 1.5 charcoal = 24,000 EU). Much less work, and you don't have to deal with the error-prone process of setting up the charcoal pile every 10 minutes.
Oilsand to Nitro Diesel still requires lots of mining. Personally, I prefer my power production to be completely automatic. My personal progression went like this:
Central steam plant fired by high-pressure coal furnaces. This required wood chopping, hand charcoal production, and hand loading of the furnaces, since they can't be automated.
Forestry tree farm. Apple Oaks at first. This got rid of the tree-chopping stage, and gave me a steady supply of wood.
Electric blast furnace. This gave me much better access to steel, which was important for the next stage.
Large Steel Steam Boiler, fed by the Forestry tree farm. This can be completely automated. You can feed fuel in by item pipe, and redstone logic can turn it on and off if you attach a Machine Control Cover to the bottom of the control block. Mine is set up with sensors on the main Railcraft steam holding tank, so it shuts off when the tank is full, and doesn't turn back on until it's empty. This is important because the boiler has a spin-up time during which it's inefficient, so longer runs are better.
Note that you can't automate wood -> charcoal production at this stage unless you re-enable the stone furnace charcoal recipe in the config (which I did). The pyrolyse oven is relatively high tech, and the Railcraft coke oven is very slow, you need a prohibitive number to feed even one large boiler.
Ethanol production from the Tree Farm using saplings and squeezed apples for mulch. 1/4 of the farm was devoted to carrots in case apples weren't enough. This proved to be very low output, and not worthwhile until later.
Nitro diesel refinery fueled by centrifuged oilsand. I got rid of the sulfuric acid this produces in an automated acid-battery setup, but power production was minimal. It was still required because otherwise sulfuric acid storage was a problem.
Moved the carrots into a separate farm, because the output of the combined farm tended to jam with either all wood or all carrots.
I bred trees with Forestry until I got something with a decent sapling drop rate, low sappiness (apple oaks are much worse than "low"), and decent maturity time. A mutated Hill Cherry, to be specific. The base Hill Cherry didn't work because the sapling drop rate was too low. This boosted ethanol production to something respectable.
A central power plant with priority-based power production - ethanol and sulfuric acid first, then steam, then nitro diesel. This cut down on my oil consumption significantly, because I wasn't always using enough power that I needed oil.
Seismic prospector and data sticks. Note that high-voltage technology for the data sticks is available as soon as you have an electric blast furnace.
Prospected and found a good-sized heavy oil source.
Oil rig on oil source.
Electric train automatically bringing heavy oil back to base. This is the main issue with oil rigs - the source is likely to be distant, and you need a way of getting the oil back to base. Your choices are hand-carrying lots of filled cells, pipes if it's not too distant, or rail. Hand-carrying enough fuel to make it worthwhile is a problem because of the cell cost - 128 tin per stack, and a stack of oil cells is only twice as energy-dense as a stack of oilsand.