That is a real drag, but not unprecedented. I know a surprisingly high number of people, smarter than me, who have failed the orals.
Compared to the WQE, I think the material on the orals is pretty straightforward, but the challenge is to be able to present it off the cuff in a confident manner. Confidence goes a long way and will make up for holes in your knowledge to a degree. If you start to flail, your examiner may smell blood in the water and it goes downhill from there. Since pretty much none of us start studying for the orals with this kind of skill set, it is tough to build up from scratch. That is where I think the Osler mock oral course is useful, but do everything you can to prepare ahead of time. I studied the Wills manual and made sure I knew it well, and drilled myself with the Freidman and Pemberton vignette books. There are a few high yield vignettes that are not accounted for, so anticipate them and prepare them yourself. I think that the value having someone to drill with cannot be understated, and hopefully you can find a candidate to prepare with.