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This is a subject I have quite an interest in so I could probably spend hours discussing it. This patching issue is still relatively new to most DBAs and it can be especially painful if there are a large number of databases to support, as is the case here. I work for an IT consulting company, but I just spent the last two years at a large client and we had to tackle this exact problem. This client had more than 200 Oracle databases that had to be patched on a regular basis. With Sarbanes-Oxley (and other) regulatory compliance legislation, patching databases is no longer an option, but a necessity.
Your concern that patches will no longer be available for Oracle 9.2.0.6 is quite valid -- this, in fact, will happen one day soon. So, in my opinion, you need to develop a strategy that balances the practicality of patching but can tolerate some risk. For example, you can apply the appropriate CPU patches once per year (say, in late spring) and then plan to upgrade databases to the next release in the fall. In theory, the latest release will contain the latest CPUs. It's nearly impossible to upgrade 300 databases more than once per year; as well, it would be impossible to apply all four CPUs to these databases considering you would require outages which can be very difficult to obtain on production systems.
Whatever strategy you choose, make sure that it works for your organization and that you can justify it. Also, document the strategy and your rationale for choosing it.
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