Timeout settings, in general, are a bag of worms. There are no "right" settings because every installation can be different.
If you read (and re-read) the README file that comes with open-iscsi, and the iscsid.conf configuration file, they detail how some of these settings might change when using multipath, or using iSCSI as your root device.
The NOOP settings are evil, IMHO. I have NOOPs disabled for the distribution I support (SUSE/tumbleweed). It's a long story, but NOOPs are not implemented well IMHO, since they get mixed in with the rest of the I/O load. On a busy system, a NOOP may not go out right away ... it may be sitting in a queue. Bottom line, false positives (timeouts) can occur. When a NOOP timeout occurs, the connection gets reset. If I/O is occuring that just makes things worse!
The login and logout timers are kind of self-explanatory. The replacement timeout is more complicated, and is mentioned in detail in the documents I mentioned.
One could spent a bit of time playing with these values, but I caution against making them too short, as this may cause false positives, especially during heavy I/O, or if you target server is busy.
Mike Christie may have more to say on these, and he's played with them far more than I have.