I think I got how to deal with the problem in a straightforward way, without the passage to a limit.
Let the phase space of the initial problem be the half plane
$$\{ \,(q,p) \; | \; q > 0\},$$
the wall is at $q=0$. In this phase space when the particle reaches the point $(0, p)$ it instantaneously teleports to the point $(0, -p)$. Particle trajectories are thus discontinuous.
The trick now is to glue the half plane into a cone, so that particle trajectories will become continuous. At the same time the particles are considered free on the entire trajectory, yielding the Hamiltonian being just a kinetic energy. Sorry for the lack of appropriate drawings, but I hope it is not so hard to imagine. The operation can be formally achieved with a non-canonical change of coordinates to $(r, \varphi)$:
$$\begin{cases}
p = 2 r \sin \dfrac{\varphi}{2}, \\[.5em]
q = 2 r \cos \dfrac{\varphi}{2}.
\end{cases}$$
These are actually polar coordinates in a plane perpendicular to the cone axis. The symplectic form $dp \land dq$ transforms to $2r \, d \varphi \land dr$, or, in other words, the Poisson matrix becomes
$$
\begin{bmatrix}
0 & \dfrac{1}{2r} \\
-\dfrac{1}{2r} & 0
\end{bmatrix}
$$
The Hamiltonian (kinetic energy) is given by
$$H = \frac{2}{m} r^2 \sin^2 \frac{\varphi}{2}.$$
All of the above leads to the Hamiltonian flow of
$$X_H = \frac{1}{2m} r \sin \varphi \frac{\partial}{\partial r} - \frac{1 - \cos \varphi}{m} \frac{\partial}{\partial \varphi}$$
and the equations of motion of
$$\begin{cases}
\dfrac{d r}{dt} = \dfrac{1}{2m} r \sin \varphi, \\[.5em]
\dfrac{d \varphi}{dt} = -\dfrac{1}{m} (1 - \cos \varphi).
\end{cases}$$
These are amenable to a relatively simple integration, free of the subtleties of special functions. As result one gets as a solution
$$\begin{gather}
\cot \dfrac{\varphi(t)}{2} = C_1+ \dfrac{t}{m}, \\[.5em]
r(t) = C_2 \sqrt{1 + \cot^2 \dfrac{\varphi(t)}{2}},
\end{gather}$$
which also can be obtained directly from the known solution in $(q,p)$ half-plane and coordinate transformation rules.
To sum up, the effect of the wall is accounted for via the change of the phase space topology. Thus, particles are considered free, with a Hamiltonian being a kinetic energy which is preserved. As far as I reckon the phase space is not a cotangent bundle of a configuration space anymore. If this is true along with all the above derivation, this represents probably the most simple case of a phase space that is not a cotangent bundle.
Further investigation
Although at first I was guided by geometrical reasoning about the phase space, now I have been thinking about the coordinate transformation itself. I came up with another transform, which is much closer to the original coordinates:
$$\begin{cases}
p = \operatorname{sgn} \! \left(\, \widetilde q \,\right) \, \widetilde p, \\[.5em]
q = \left|\, \widetilde q \, \right| .
\end{cases}$$
Here it is assumed that $\frac{d}{dx} \operatorname{sgn} x = 0$. Then $dp \land dq = d \, \widetilde p \land d \, \widetilde q$ and the Hamiltonian is the one of a free particle:
$$H = \frac{\; \widetilde p^{\, 2} \!}{2m}.$$
Like with trigonometric coordinate transformation there seems to be a need to choose the right branch for the transform $q \mapsto \widetilde q$, but since $q \geqslant 0$ there is no ambiguity.