Well ... I've got ACS 4x + Oracle 8.1.6 installed on both my workstation and laptop precisely as a reference and to learn how the thing works. I think it's worth doing.
IF you have a minimum of 192MB RAM. I bumped my laptop up because it was swapping horribly with 128MB RAM when I had Oracle up along with KDE+Konqueror or Mozilla. Makes the battery run down fast ...
In contrast, OpenACS (PG vs. Oracle, that is) runs like a dream in 128MB.