I haven't directly experimented with JQM in a WebView, but based on my experience with JQM on PhoneGap and Titanium in general I would not recommend that path. JQM is slow enough on its own, and Titanium has its own performance issues, so the two together would likely be a challenge.

If you're going for Titanium you might as well use native widgets instead of JQM - otherwise PhoneGap is probably a better choice.