1. VIP Failover - VIP should failover when node gets rebooted.
2. When one of the node is down you should still be able to logon to applications.
3. Since you have only one node and do not use PCP you CM processes will die.Make sure you start them.
4.Once you bring the node back , test your load balancing is happening fine across both the db nodes.
Let me know if this is helpful/correct and if you need more information.