Reselect action on service down does not work on F5 BIG-IP LTM VE 10.1 (the trial version)

Dear F5 support team,

We are evaluating the functionallity of BIG-IP LTM. We have to load balance long lived tcp sessions, which are carring ISO8583 L7 messages towards a server farm (containing two servers in our test environment) and in case of a server/service outage, those ISO8583 messages to be redirected to the other pool member. Saying it in other words, the challenge here is to separate the client-side connection from the server-side connections (the LTM to act as a full proxy) and on top of that the L7 traffic should be rebound to the next healthy pool member in case the first one fails. For that purpose we have created a Standard virutal server and configured the Pool level setting "Action on Service Down" to do "Reselect", which is supposed to do a session rebind to the other server in case the first one fails. But in our simulation environment this reselect action does not seem to work. The application hosted on the servers is custom built and should be able to handle redirected/rebound ISO8583 messages, but the problem is that I don't see LTM establishing a new server-side session to the next healthy pool member in the event of a service down. Could you please advise how to make that feature work?

Kind Regards, Teodor