No. You have to edit vdsm.conf, when:
1) link will be broken, and it point to the iSCSI target IP and

2) you want to reboot your host or restart VDSM

I don't know, why but VDSM during startup tries to connect to IP target in my opinion it should use the /var/lib/iscsi configuration which was set previously.

I also had problem "Device is not on preferred path", but I edited multipath.conf file and set the round-robin alghoritm, because during installation multipathd.conf was changed.

If you want to get right configuration to your array execute:
1) multipath -k #console mode

2) show config #find the proper configuration to your array

3) modify multipath.conf and put above configuration.