"Are there any Performance Implications - will it slow down my SQL
Queries? "
As with all questions relating to performance the answer is, "it depends". RLS works by wrapping the controlled query in an outer query which applies the policy function as a WHERE clause...
select /*+ rls query */ * from (
select /*+ your query */ ... from t23
where whatever = 42 )
where rls_policy.function_t23 = 'true'
So the performance implications rest entirely on what goes in the function.
The normal way of doing these things is to use context namespaces. These are predefined areas of session memory accessed through the SYS_CONTEXT() function. As such the cost of retrieving a stored value from a context is negligible. And as we would normally populate the namespaces once per session - say by an after logon trigger or a similar connection hook - the overall cost per query is trivial. There are different ways of refreshing the namespace which might have performance implications but again these are trivial in the overall schem of things (see this other answer).
So the performance impact depends on what your function actually does. Which brings us to a consideration of your actual policy:
"this RLS Policy (to hide records by IS_HISTORICAL=T)"
The good news is the execution of such a function is unlikely to be costly in itself. The bad news is the performance may still be Teh Suck! anyway, if the ratio of live records to historical records is unfavourable. You will probably end up retrieving all the records and then filtering out the historical ones. The optimizer might push the RLS predicate into the main query but I think it's unlikely because of the way RLS works: it avoids revealing the criteria of the policy to the general gaze (which makes debugging RLS operations a real PITN).
Your users will pay the price of your poor design decision. It is much better to have journalling or history tables to store old records and keep only live data in the real tables. Retaining historical records alongside live ones is rarely a solution which scales.
"Any License implications?"
DBMS_RLS requires an Enterprise Edition license.