Okay, I'll chime in here.
In my experience petroleum oil and acetone are not miscible. Water and
alcohol (and gasoline) will mix with acetone, however.
So what's the lowdown on the ATF-acetone mixture?
http://www.instructables.com/id/Home-made-penetrating-oil/
States pretty clearly that the mix will separate, so you have to keep
shaking the bottle. Perhaps it could be made to emulsify somehow (add a
surfactant?)
Personally, I'd substitute paint thinner or kerosene for the acetone. I
suspect it will work just as well--and it'd mix with the ATF.
--Chuck