Either way it could be high in heavy metals, also some crudes have cyanide compounds in them. Different fields have different little quirks like that. I'm not really familiar with the characteristics of Illinois crudes, although 50 years back they tended to really only go for high quality crude oils, so the chances of getting too many heavy metals, cyanide compounds (which can wrek havoc on refining equipment), etc. are pretty slim.
Any hydrocarbons that would be dangerous (Benzene and the like) would likely have left long ago leaving you with just the heavy stuff you're seeing now. If it burns fairly cleanly that would be a reasonable way to get rid of it, but you'd have to do something with the
ash, and that's certainly not something I'd like spread on my garden. If there is no services in Illinois for restoring old well sites, you're likely stuck with hauling it off yourself.