Hi,
The IP-SLA purpose at Aruba switches is for helps administrators collect information about network performance in real time.
The IP SLA feature provides:
• Application-aware monitoring that simulates actual protocol packets.
• Predictable measures that aid in ease of deployment and help with assessment of existing network performance.
• Accurate measures of delay and packet loss for time-sensitive applications.
• End-to-end measurements to represent actual user experience.
There is some IP-SLA where you can take action if some threshold is crossed an they are:
• trap: Send snmp-trap when configured threshold is hit.
• log: Only log the event when configured threshold is hit.
• trap-log: Send snmp-trap and log the event when configured threshold is hit.
• none: Take no action.
http://h20628.www2.hp.com/km-ext/kmcsdirect/emr_na-a00038741en_us-1.pdf
According to what are you asking for is currently not possible by the switch alone. We encourage to use dynamic routing by OSPF.