You can support Oracle Linux completely via RHN Satellite. There's no need to use Spacewalk at all. The Satellite client will install just fine on Oracle Linux, and Satellite itself can happily sync channels from public-yum.oracle.com.
So, I'm not entirely sure why you're not just using Satellite if you have a license for it?
Avi Miller | Product Management Director | +61 (3) 8616 3496
Oracle Linux and Virtualization
417 St Kilda Road, Melbourne, Victoria 3004 Australia