I believe it should be possible to use ssl connection. Never tried it, but I think it should work since it is a matter between Oracle Client and listener and has nothing to do with SAP application server.
If you security requirements are such that you must encrypt traffic, and if you do not want to mess with tnsnames.ora, wallet and stuff then you might consider using some generic tunneling techniques.
And it definitely will have some performance impact.
... just my two cents.
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