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I have no experience with WM, but a full export and full import is feasible - how big a database is this ? How much downtime can you afford ?
See slides 48-50 here - http://www.oracle.com/technetwork/database/upgrade/upgrade-11-2-methods-173002.pdf
I would also open an SR to get input from Support
The database is not that big (in fact there are two, both around 130Gb).
Affordable downtime is one weekend. The long way (with all patching and upgrading) takes around 100 hours...
We did raise an SR, but the answer was ... take the long way home ;-)
(But, FYI, I didn't raise the SR, so I don't know what question has been asked... If the original question was "how to upgrade", you get the official statement. If you don't ask for other options, you don't get them - so I ask it here...)
And I've seen that presentation... Thanks anyway.