Rajesh,
Regarding additional profiles the answer would be that it depends. If you want to examine the traffic you'll need to add profiles, for instance. However, if load-balancing is the only thing you do there probably is no need for additional profiles.
Deb Allen has written an excellent article on external monitors: https://devcentral.f5.com/articles/ltm-external-monitors-the-basics
The wiki is located at https://devcentral.f5.com/wiki/AdvDesignConfig.ExternalMonitor.ashx.
Depending on how you can access the Bluecoat status you may be able to use an internal monitor. If that doesn't work it's likely that an external monitor can provide a solution.