can we direct traffic based on IP address

I'd use an address-based data group, two pools, and a small iRule. Example:

when CLIENT_ACCEPTED {
    if { [class match [IP::client_addr] equals my_ip_dg] } {
        pool srv1_pool
    } else {
        pool srv2_pool
    }
}

where "my_ip_dg" (arbitrary name) is an address-based data group that contains single (client source) IP addresses and/or subnets. Also, using two separate pools allows you to add additional resources later if you ever need to scale out the application.