The problem with that, as I see it, is that there are still a significant number of dolls BEHIND Alice, I believe, and we'd be pretty much making ourselves a sitting duck if we were holding her in that position.
What I was sort of thinking is fire a few more rounds at the dolls, using changes in our vertical position from around the wall to make where to target or dodge from less obvious, and attempt to take out a few more dolls. Then, have Renko acts as a brief distraction to draw fire and charge immediately afterwards, hopefully being able to use the second lag time on all their shots moving to a different target to close, and THEN time stop and apply the oil.
Perhaps, after that, we could even quickly drag Alice into the room she's next to, and lock the door, keep the dolls from coming in after us?