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No. Do not use the EBS templates.
1. Get OVM up and running.
2. Install OEL guests.
3. Check requirements for running OEL on EBS 12.1. They are different for different version of OEL. There are several oracle support articles detailing the requirement from OEL4 thru OEL6. I personally would use OEL5.
4. Clone your DB and app tops and get them working.
5. When you get ready to cut, refresh your DB. You can use datapump but it will take some time depending on how much data you have. You may want to upgrade your DB. If you're running anything less than 184.108.40.206. If you do, then datapump is the best option. At least in my opinion. There are several issues with running 12.1 and 220.127.116.11. Make sure you address them. There are several support articles detailing them. Oracle 10 database isn't supported on OVM. 10 isn't offically supported at all anymore.
6. Rerun you clone scripts on your app tiers and reconfigure your app layout.