No, Lou did not win an Oscar with "Hercules", but the movie did very well in the 4th Annual Razzie Awards (Dis-Honoring Worst Achievements in Film for 1983):

Luigi Cozzi (Lewis Coates)
Worst Screenplay
Nominee

Sybil Danning
Worst Supporting Actress
Winner

Menahem Golan & Yoram Globus
Worst Picture
Nominee

Lou Ferrigno
Worst Actor
Nominee

Lou Ferrigno
Worst New Star
Winner

In 1996 Smithee Awards Lou and "Hercules" received the "Alas, Poor Yorick" Award, the Stupidest-Looking Monster Award, the Worst Special Effect Award and the Worst Acting Award.

"Hercules" was also considered for the 1983 Stinkers Bad Movie Award.