If by chance you are serving to others make sure nobody has a nut allergy before they eat any of it. You don't want to kill anybody. Second as mentioned do it away from the house and not on a wooden deck. If something goes wrong and the thing goes up in a fireball you don't want to take out your house... I sell restaurant supplies and we sell the fryers and the peanut and many other oils. Those are the two warnings we were etold to give. Most bars or restaurants opt for canola oil instead.
Peanut oil is not cheap and you can get a couple of runs out of it if you clean it up and freeze it till next time. After the oil cools down, WAY DOWN, run it through a paper coffee filter in a funnel to get all the food out of it. Put it into whatever containers will fit into your frezzer till next time. 2 liter soda bottle work good as long as they are washed and dried. Freeze them without the cover and put them on after the stuff gets down below freezing.
Just thaw the oil on the counter next time you need it. I have guys that will go 5 or 6 times depending on how much crap you get in the oil and the temps you run. Most fry oils are good up to 350 and some like peanut will tolerate 370-375 but push much past that and the oil will burn.
Make sure the turkey is dry... Splattering yourself with hot oil SUCKS!!!