BMR is currently supported on HP-UX, yes, but not on all versions. Check the matrix:
Veritas NetBackup (tm) 6.x Operating System Compatibility List (Updated February 24, 2009)
http://support.veritas.com/docs/278064
I think you've got it right in that the application can be restored as part of a BMR, but you would also have to perform an Oracle restore from NetBackup to retrieve the database instance(s). (I think BMR can be configured to trigger this restore as part of its own procedures? Don't hold me to that.)
VERITAS NetBackup (tm) 6.0 Bare Metal Restore System Administrator's Guide
http://support.veritas.com/docs/279296
Veritas NetBackup (tm) 6.5 Bare Metal Restore Administrator's Guide
http://support.veritas.com/docs/290231
I don't remember when we started including BMR in the license - 6.5? Hopefully somebody else will chime in and answer that one.