Installing your binaries on the SAN is no problem. Your filesystem will be mounted and you can use it just like a local disk. The advantage of placing your binaries on the SAN is that if your V880 goes away, you can throw another one in, mount your filesystems, and start Oracle.

However, you will not be able to mount that filesystem to multiple boxes. Alternately, you can NFS mount a partition that has Oracle installed on, but I don't recommend it for a couple of reasons:
1. If your NFS server goes away, your database hangs.
2. Although you do upgrades only once, you must upgrade all your databases at once.

I think installing your binaries on the Array is the best option.