Roker - No. The maximum (economic) separation that can be achieved is a function of the oil droplet size. This is assuming the oil and water exist as distinct phases and not as an emulsion. A stable emulsion will not separate, at least in economic plant operation time, without addition of heat, chemical, and/or residence time.
The separation of the distinct oil-water phases by gravity can be predicted using a Stokes law analysis. (See Perry's). To do that you need some idea of the oil droplet size. You can speed up the separation by, again, time love and tenderness (ha - time, heat, and chemical) or by increasing the gravity, which is what the hydrocyclone does. Or by introducing tiny gas bubbles to agglomerate the oil particles together so the Stokes law forces work faster (see: WEMCO depurator, or induced/dissolved gas flotation cell).
Yes - Centrifugal separation will achieve better separation than (unassisted) gravity alone.