I believe that localtunnel is similar to telebit in that you get an encrypted https connection, not a plain tcp connection (which is good).
If I understand correctly, you'll want to use localtunnel (or telebit or perhaps even ngrok) on the windows machine to expose its database connection to the outside world. You'll want to use https (and absolutely not tcp or http which would leak database passwords and all your data) to create the tunnel.
Then you'll need to run something like sclient (or stunnel) on the computer that's doing the connecting to "unwrap" the https connection back to plain tcp. It might look like this:
sclient example.localtunnel.me:443 localhost:1521
In your database client or application you would then use localhost:1521
in your database connection string (not the https address).
This gives you the security of an encrypted connection and the convenience of exposing ports out to the world, all without adding any complexity to your application or client - you just run it as normal, connecting to localhost.
Comment if you need any additional clarification.