Hi,
Indeed delphix can help you speed up your migration projects you will find a sample case on how here
https://docs.delphix.com/display/DOCS31/Use+Case%3A+Testing+Oracle+Upgrades+and+Application+PatchingBut, you have to understand that in your case the direct upgrade isn't possible from 8i to 12c, you have to leaverage a shcema replication or exp/imp tools that also can be implemented as hooks to your vdb.
Here the added value of using a delphix vdb as target it will help you speed up testing and clonning the migrated vdb (eg: create vdb of vdb) as many time as you need to accelerate the validation process. Once you're happy you can use the delphix V2P capability to create a physical version of it (you will find a step by step process on my blog
http://virtclone.blogspot.fr/2017/03/delphix-convert-virtual-database-to.html)
To revert back to the 8i you hav to only create a new vdb based on your 8i dsource
Regards,
Mouhssine