It would seem that at least some of the earlier (than Stratus 3) will work with iFly since Stratus v1 is listed.
I have a Stratus 3 and my 740 would behave similarly when it was NOT set to "Open Mode". The 740 would show it connected to the Stratus wifi in the CE settings page, but the iFly program would just show "Waiting for Heartbeat".
I noticed last time I went flying my iPad iFly program didn't show connection to Stratus 3 despite my 740 being connected. All I had to do was to reset the connection and all was well. Apparently my iPad had attempted to connect before the Stratus 3 was firmly running or something similar. Perhaps your situation can be rectified by clicking on the ADSB Status box>Options>Reset/Reconnect.