I attempted a hot clone of an Oracle db server like you described, and there were numerous problems with it. It was not worth the time it would take to fix it, or at least that is what I was told. Another attempt with all of the Oracle services stopped yielded the expected result. Your mileage may vary, and it might be worth a try just to see but I would recommend the services stopped approach.
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I have converted some Oracle Servers using vCenter Converter. The Hot Cloning works fine as long as the Oracle Services are stopped. If the services are running you can get some data corruption.
This recommendation apply to any transactional service, like Databases, Exchange, etc.
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