1. No you don`t need a quality deep fryer. Most are pure junk and do a very poor job at maintaining temperature. There is not really one I would recommend at all and I have played around with a lot of them. All junk.
2. All you need is a Dutch Oven, Stainless 18/10 for best results or anything Cast Iron or Cast Iron Enameled.
3. You can use oil over and over and over again and it takes a long while before it breaks down, but yes, its best to go with an oil with a high smoke point. I have been using the same oil for around 20 different times now and it only gets better and better as I fry more stuff in it. No reason to throw it out just yet.
This restaurant makes the best deep fried hamburger and it still has oil molecules from 1912 in it!
I cannot argue with you regarding using a decent Dutch oven. We have a couple of them. One is an antique cast iron Dutch oven and the other is a ridiculously overpriced le Crueset enameled one. One of the advantages of a good deep fryer is that it is a no brainer. I don't know what brand you have, but ours works great.
We strain our oil though cheese cloth which keeps it debris free....and yes we use it again and again.
Fact is we don't deep fry our food that often at home. We generally eat French fries out because it is a lot less hassle. Shari's restaurant makes great fries and they are even better when you order them extra crispy. We sometimes go for fries alone in the mid afternoon as a snack. Both my wife and I like to dip them in blue cheese dressing. Shari's fries are never greasy.