This isn't really a bug, more a request for clarification. If you'll indulge me for a moment, please go ahead and disable all of 1Password's security features. Set an unlock code, but then tell 1Password never to prompt you for it. Change your settings so that they look like this:
I know, I know, why would you ever do that, etc. etc. But that's not the point. =) So you've got these settings, right? Now, I dunno about you, but my expectation is that with these settings, 1Password's not going to prompt me for my master password or my unlock code. Except that's not what happens. Now, I would understand that if you quit the application completely, you'd need to unlock it the next time you open it. But even when it's running in the background, there seems to be some built-in expiry after which I'm prompted to unlock it again. And I'm never prompted for the unlock code, always the master password.
So now, if you made an executive decision not to allow this particular configuration, that's fine. But it's confusing and irksome to be able to select the options and then not have it work as expected. So maybe you could disallow turning everything off like this, or display a message saying hey, you can't permanently unlock 1Password, sorry; please enable either master password or unlock code protection. At least then
I wouldn't my friend wouldn't get annoyed when this configuration doesn't work.