For case #1, you wouldn't have to do anything special. The setpoint would just remain at whatever value was last written to it by the host system (the one where you are at the controles).
For something like #2, you would probably want an extra routine, such as read the timestamp of the shared variable, if the cFP sees that it is too old (whether that would be a minute, an hour, a day ....) then the code goes into a pump down routine. Another possibility would be a watchdog type of shared variable. The host system periodically increments a counter and sends it to a shared variable on the cFP. If the cFP sees that the counter hasn't incremented in a given period of time, then it can assume a connection was lost and do the shutdown routine.
Going with shared variables will definitely get you started quicker. Good luck with your application.