I suppose it depends where you would expect Oceania to enter the Asian qualifying process for FIFA tournaments (and hopefully more than one team from Oceania).
However if Oceania is still treated as a separate confederation I don't see how they won't be allowed direct entry into the confederations cup and could be argued for other FIFA tournaments (CWC and WCs).
I don't see how Oceania and AFC could work if they are a separate confederation for AFC tournaments? If Oceania nations were to be eligible for AFC events (as well as qualification to FIFA events via AFC) then that basically means Oceania might as well cease to exist.
The Confederations Cup issue at a micro level was simply that the Oceania Nations qualifying tournament was a joke and led to a weak team getting through to be battered. Of course we now have exactly the same qualifying process for the Club World Cup so we haven't learnt a single thing from that (although I note that Oceania agreed that change prior to the Confeds Cup but have only just announced it. I wonder if Tahiti's performance might have caused a re-think?).
The Confederations Cup issue at a macro level is a tricky one because the idea is that each confederation has one rep at the tournament. But even then there are ways you could structure qualifying and/or the tournament itself to try and avoid the kind of 1-24 pasting Tahiti just got. At the CWC, for instance, the Oceania rep plays a play-off for the Quarter Final first and if they lose that's it.
For World Cup qualifying I can't see any reason why Oceania and Asian qualifying can't be merged in a way that gives all Oceania teams competition relative to their abilities, while also keeping costs in check, and also gives the Asian teams a direct run at a fifth qualifying spot with no inter-continental play-off required.
Edit: But crucially, retains the individual autonomy of each confederation.