Thanks for your replies Joe. I think we will go with the first option though since the second option may still cause deadlocks. We did think of the first option ourselves but were not sure if it was the most clean way to go.
I guess the one thing we are going to have to count on is that the messages on the SOAP faults for certain actions remain almost same(atleast parts of it) and we can then compare messages. Two nodes independently connect to BigIP and each has its own iControl, hence the original reason for this post.
Thanks anyway!