Those flags are used so that you can allocate buffers to each memory bank instead of relying on the default interleaving where data is interleaved amungst all the banks. How the tools behave when you attempt to use the flags that map to memory banks that don't exist on the board I have no clue but my advice would be don't do it regardless how it behaves because that behavior is not specified and could change.
I would take a look at the section called "Optimize Global Memory Accesses" in the optimization guide to learn more about how to use these flags:
http://www.altera.com/literature/hb/opencl-sdk/aocl_optimization_guide.pdf