If nothing else I'd be fine if there was an alliance bank that half the overages from maxed out storages went into. At least someone would be getting something out of it rather than have tens of millions disappear into the digital aether. From an alliance leader perspective, at least for low to mid level alliances, it would also be interesting to see what kinds of players you have as long as there was some method of tracking deposits/withdrawals similar to donations. It could even be a method of replacing or spreading out some of the lost expedition bonuses and/or reducing museum bottlenecks if certain donation benchmarks are reached.
Still say a staight up exchange at 5:1 even 10:1 food to gold or vice versa and probably 2000: 1 gold/food to oil would be the most practical and easily implemented thing to do. 14,000,000. gold converting to 7000 oil is not particularly game breaking, yet worth enough to chase after if you've nothing better to do. Though 1000: 1 would obviously be much better. Oil probably would have to some implementation where it could only be exchanged when either of the other storages are fully maxed or it may make things too easy, and in a way, too difficult since the museum's arrival. People would most likely just cash out their storages before logging out otherwise.