Would installing 32 bit packages on the existing 64-bit VM be an option to run Oracle 9.2?
It is possible, I had to do it myself once. 
BUT: It is not enough to just to install 64 bit packages on any new linux distribution. You need a supported version (that is supported by 9.2). 
just hacking the config file did not work out, due to many issues e.g. Kernel versions.

IIRC I ended using an Oracle Linux 4 install. 

If you need a more modern and supported OS you might want to give Solaris x86 a try. Usually old software runs with much less issues. Known good installation: Solaris 10 with 9.2