I am pretty sure all you can create an annotation for the latency policy you want and then apply the annotation to the multi-selected VM group as ashown in the Image.   You can then use the Java client to filter based on the specific annotation.   Select all the VM's and apply and Exception latency policy.    In 7.1 April release, Threshhold are being moved to the webui. There will be new enhansements to the Threshold Management for OCI. 

Hope this helps,

Don Bourque
OCI TME