Is this your preferred method Vern, if so I'm going to try it, don't really ever bother making chips?
Dripping or lard does give the best results. At my peak chip making period as a student I'd get through a four stone bag of potatoes every ten days or so and always had a stash of lard or dripping in the fridge to top up the chip pan.
Now that traditional chip making is confined to two or three times a year after being parted from my chip pan when I got married I do use oil as it is easier to recycle. I've tried a whole range of oils and I've found that corn oil or sunflower oil do a good job.
I don't use a thermometer. I test the temperature by throwing in a chip and seeing how vigorously it fries. If it's very active then I turn the heat down and try again a few minutes later but usually I get it on the cold side with just signs of frying taking place and retest as the oil heats up to a medium 'fizz' - experience will improve your judgment.
As form the chip preparation. A good rinse is recommended. Soaking in water serves no purpose other than increase the water content of the chips and increases the likelihood of the fat/oil boiling over. Chilling in the fridge - forget it.
Anyhow chuck your chips into the hot oil and don't panic if the oil appears to boil and threatens to boil over. Throw more chips in to lower the temperature. Keep the chips on a 'rolling boil' type of frying activity and when the chips show signs of colouring - very pale straw, turn up the heat for the final cooking. Remove when you are happy with their appearance, they will be cooked and very tasty.
An alternative low calorie version is to get some Maris pipers. Pre-heat the oven to 200 degrees. Peel and chip them. Par boil them for five minutes or so. Drain them and then put them onto a baking tray. Spray the chips liberally with Fry Light oil and season to taste - I don't bother. Put in the oven for 25 minutes, check after twenty. Remove when browned to your satisfaction.
They are surprisingly tasty, low in fat and visually appealing. It's also less messy than traditional chip making.