Page tracker WILL fire when you deploy the Eloqua script with Google Tag Manager
Traffic reports show the page views.
However, the Elqoua "test" just looks for the code in fetched page, so will report that the code is not installed
Also, there seems to be some problem with cookie data being sent with form submissions.
We just pulled the Eloqua code from Google Tag Manager and put it in our local tracking manager to confirm that is the issue.
I will report my results here.