Okay, one down. I don't maintain it, but Joe told me once it requires 2.0 or later.
My next suggestion would be to try accessing it with the SDK samples (as opposed to the assembly, which masks exceptions)... you can download it here: http://devcentral.f5.com/wiki/default.aspx/iControl/F5Downloads.html and I would simply download it, install it, and build one of the samples per the instructions, then run it.
At least with this version if it errors out it will tell you why it did. We could try guessing at it and checking things like connectivity and SSL transport, but better to just let the API tell you what went wrong.
Let us know how it goes!
Don.