You probably need to find out what is in the column. Generally bit data is something like an audio file (mp3, etc) or a picture file (jpg, etc) or a MS Word document, PDF file, etc, so in these cases you would not translate the code page and just define it as bit data in Linux also. However, I am a little suspcious becasue these type of files are usually much larger than 10 bytes and are usually defined as a varchar for bit data.
If the application program is using the 10 bytes defined as bit data as a bunch of binary switches (80 of them in the 10 bytes) to save space, then you may need to convert it to a new code page if the application programs are also changing platforms (from z/OS to Linux, etc).
Bottom line, find out what is in the column, how it is used, and find out if the application programs will be running on a different platform than before.