"exec java" tries to run the class just as it would be run if you did "java ..." from the commandline. so you are getting the same error messages you'd get from the commandline; it inherits nothing from AOLserver.
ns_java is the way you want to do it; to load it, you need to have libnsjava.so in your bin directory and then in the modules section (where nssock is, and the other standard ones) add a line
ns_param nsjava ${bindir}/libnsjava.so