[oracle] Optimal way to DELETE specified rows from Oracle

First, disabling the index during the deletion would be helpful.

Try with a MERGE INTO statement :
1) create a temp table with IDs and an additional column from TABLE1 and test with the following

MERGE INTO table1 src
USING (SELECT id,col1
         FROM test_merge_delete) tgt
ON (src.id = tgt.id)
WHEN MATCHED THEN
  UPDATE
     SET src.col1 = tgt.col1
  DELETE
   WHERE src.id = tgt.id