To simplify things, consider using a tool like Modernizr for detecting touch screen devices as explained in this resource: What's the best way to detect a 'touch screen' device using JavaScript?. By doing this, you can connect your overLIB events to non-touch classes and cater to all touch device users, not just those on iOS. Alternatively, if your focus is solely on iOS users, UA sniffing may be an option ( http://www.quirksmode.org/js/detect.html ), although this method is not usually recommended.
Nevertheless, you still face the dilemma of loading unnecessary overLIB scripts for certain users. The solution to this issue would largely depend on the other components of your technology stack.
It's also important to consider the functionality of hover tips. If they serve a purpose on your desktop site by providing context without requiring a click, why should they be disregarded on touch device sites? While hover actions may not function smoothly on touch devices, they are prevalent because no viable alternative exists currently. Many touch device users are accustomed to this interaction style. For instance, Seamless.com provides "hover" descriptions when selecting menu items, followed by a second click to confirm the selection.
This response acknowledges that the question is dated - shared for the benefit of future searchers. :)