jokragly,
Just some thoughts, suggestions:
Anything in /var/log/asm or /var/log/ltm that might give some clues? Have you tried running httpfox/ httpwatch from a client? What about a tcpdump capturing both on the client and server side of the connection?
Are you terminating the SSL connection on the f5 and/or re-encrypting to the backend server?
Is this the only HTTP Class / ASM enabled VS? Do the others work ok?
What about if you run the "top" command whilst the HTTP Class is enabled? I think the "bd" process is the one to bear in mind with ASM.
Rgds
N