Hi Balram,
That full list of versions is only if you're installing in a multi-tier environment. Oracle can't have a different client version installed to the server on the same machine, if you're installing both Oracle and BSI 8.3.5 on the same machine, you'll need to stick to the 11.2.0.4 32-bit database server. For that reason as well as performance, I'd strongly recommend separate servers.
Besim, you were correct until recently about needing either 11.2.0.3 or 11.2.0.4 on the server side; we recently did some testing with other releases, as part of the testing we did for using 12.1.0.1 in multi-tier. For more general Oracle support reasons, I'd recommend going with one of those three if possible.
thanks
Iain