Problem with immersion is that most substances degrade fairly quickly. Mineral oil has a limited lifespan for immersion, so do alot of the other oils people use for it. Best substance to use is called Flourinert, made by the 3M corporation specificly for Immersion and phase change high output / low temperature chilling. Originally designed for use with Cray super computers. Its been used by the main frame and super computer industry for years. It costs around 1500$ a gallon. You also want to run it in a closed system, cause it will phase change depending on the version, and the phase change chemicles are harmful, plus you don't want it boiling off to not be recaptured.
If you are going to go the DICE in mineral oil route you are probably going to run into poisioning of the mineral oil with water if you just drop dice straight into it. You will probably need to seperate the DICE and mineral oil, so that you can avoid water getting into the mineral oil.