I also just learned this interesting tidbit:
The only time this becomes even slightly confusing is when setting variables in the RULE_INIT event. All variables set under this event are treated as global, so keep that in mind. The same commands may be used against either local or global variables, though, so keep an eye out.
Source: https://devcentral.f5.com/tech-tips/articles/irules-101-03-variables
So not only should I not use the static namespace but I need a unique variable name if I want to initialize it in the RULE_INIT event, because even if I try to use a local variable it will actually be a global variable!
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Kris