Your best bet is to install a conservation vent (i.e. as available from Protectoseal etc.) on your vessel, set at about 3 kPa, and sized so as not to exceed say 4.5 kPa at the maximum N2 flow from your purge lines through this tank. This sort of unit is specifically designed for this type of duty, used in conjunction with a blanketting valve, and consists of a dead weight rather than a spring. Keep your PSV as a safety feature only, as a back-up to prevent overpressurisation of the vessel. Both units are effectively protecting your vessel, so both need regular checks and maintenance.
If your oil is sticky, and tends to cause the existing PSV to stick, then you might have problems with this as well. Keeping it off the main vessel, e.g. on a branch of a tee, or with a coalescer / flame arrestor in between will help, but may not necessarily eliminate the problem. There may be an initial cost associated with this, but it should pay for itself in next to no time compared to a constant N2 purge.
If you really have to go for a constant N2 purge, then you need to consider the worst case scenario for this tank. What is the maximum ingress of air that can occur at any given time during normal and abnormal operation? Consider specifically fluctuations in level in normal operation, and inbreathing due to changes in external temperature at night, and in cases of thunderstorms etc. Then you have to set the N2 flowrate equal to the worst case. Just assuming it is a fixed value for all tanks / applications is suspect to say the least. What is needed to stop a small ingress of air into a flare header is not going to be anywhere near enough to keep a storage tank free of oxygen, especially if the tank is regularly drained and re-filled.
Incidentally, the MOC for some materials is available, but there are not that many. There are calculation methods that have been published, but they seem a bit suspect. Your best bet is probably to have it measured. Typically, many substances come out at around 10%, but some substances (e.g. Hydrogen and CS2 are much lower than this). NFPA guidelines recommend you don't exceed 80% of the MOC for cases where O2 levels are consantly monitored, or 40% of the MOC where they are not. Hence keeping O2 below 4% is adequate for the vast majority of applications. Your 1% you mentioned appears to be well within this.
Hope this helps.