I may need correction - especially on the third point, but to my understanding:
A broad one connect mask such as all zeros informs the bigip to never load balance but to reuse the same idle tcp connection to the same backend server.This is especially the case when SNAT is enabled on the VIP because the decision to make a new backend tcp connection is applied after SNAT occurs.
A mask of 255.255.255.255 instructs the bigip to only reuse the same backend tcp connection for the same source ip. In this case, it opens an additional backend tcp connection for each new source ip connection.
A mask of 255.255.0.0 would only open a new backend tcp connection if the new source ip connection was not in the same /16 network as the source ip of the existing backend tcp connection.