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According to the xsetwacom.c code that should work:
You could try "Alt_R" etc. or add the press +alt I suppose.
LED and OLED support were just added to the 3.2 kernel so Oneiric's 3.0 doesn't have it unless you patch. However a backport version was added to input-wacom. Not sure how much you lose with that version. Eduard is adding the X driver side of the OLED support to xsetwacom currently (haven't heard anything for a week or so), see: http://sourceforge.net/apps/mediawik..._Tablet_Set_Up The Intuos4 OLED thread has folks already using the patches.