I had this discussion with a colleague yesterday. A friend replaces half of the flour in her Vanishing Oatmeal cookies with oatmeal that she pulses in her FP. She swears by it. Have not yet tried it.
Oats on their own do not have the gluten needed to give your bread good structure. Unless you are on a gluten free diet, you will want to add in some regular/bread flour to the recipe.