I would try to find out the specs from the people that sold the oil originally. Hydraulic oil usually has anti-wear additives (that's what the AW means in AW32 or AW68), but this stuff might also.
If this was a a new machine I was running 50 hours a week, there's no way I would consider it, but, if an old machine doing farm duty and marking it's territory everywhere it goes, maybe. Most of the older machines run much lower pressures and looser tolerances than new stuff. I've seen people run them on most any petroleum product, I just shake my head and think, "not my machine, but, if you want to...".
I would absolutely run it through something a heck of a lot finer than pantyhose though. You know this oil has very fine bits of metal from the wear on this compressor in it, that's what it's for. I know a man who runs used oils through a primary and secondary fuel filter off a truck with a hand pump before adding it to his old equipment's hydraulic systems. Again, I wouldn't do it, but it works for him.
Good luck