Is there any details on the pool strategies? I want to select a suitable one but I can't understand it. An explanation would be helpful.

What is unclear from the README descriptions?
--cmd-idle Execute a command when a device is allowed to be idle (rest or wait)
--cmd-sick Execute a command when a device is declared sick
--cmd-dead Execute a command when a device is declared dead
What all arguments can I use? Any arguments to restart the dead miner?
They're commands for your OS - so usually useful for things like sending emails, SMS, etc.
BFGMiner will try to restart dead miners on its own by default, though... If the entire PC needs to be rebooted, *nix has a "reboot" command (I imagine Windows has some command to do it as well).