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You are asking questions for a HP/UX globalization forum here ;-)
From Oracle perspective, the univ.utf8 locale may cause some issues for OUI or other Java-based tools, if the Java Runtime cannot map it correctly to a Java locale. Therefore, check this first. I have seen reports on the Web of OUI failing in Siebel installation attempts.
There is hardly any documentation about univ.utf-8 locale. Based on some indications, I guess the main difference is that the univ.utf-8 locale supports the full Unicode standard classification for characters, while en_US.utf-8 locale possibly does not. Also, if collations seems to differ, then either en_US uses a proper English collation (with uppercase and lowercase letters sorted linguistically => aa < Ab < aB < Ba < bB) and univ uses the binary collation (as with LANG=C => Ab < Ba < aB < aa < bB) or the other way round, that is, en_US uses binary collation and univ uses the UCA multilingual collation standard. This must be tested or you ask HP. There may be a similar difference for date formatting: some US standard format in en_US (like DD-MON-RR in Oracle) versus some international format (like YYYY-MM-DD) in univ.
Regarding setting LANG vs LC_, my advice would be to generally not mix the two sets. LANG is an older standard, LC_ is a newer standard that overrides LANG.You should standardize on one of the two: either the simple LANG setting with no fine grained control and no LC_ variables, or use LC_ALL as the overall locale setting and override particular details with other LC_ variables.