I did some research on this problem and found there seem to be a miscalculation of the drawn area in the code. If the aspect ratio becomes larger, the drawn area becomes smaller than the one supposed to be. If the aspect ratio goes smaller, the drawn area goes larger.
You can compensate this by offset the zoom angle, but it causes other problems. The most serious one is the amount of the graphic calculations. The calculations will be done according to the offset zoom angle, not to the drawn area. If your aspect ratio is very large, the graphic calculations for the outside of the actual drawn area will be tremendous and you will get very poor framerates to gain a decent view angle. The another problem is the restriction of the view rotations (you already encountered). You can compensate this by enlarging the angle limits in \Config\View\server.lua, but the downward limits at the both sides will be remained because they are hardcoded and you can not do the compensation in online plays because you will be forced to use the server's server.lua.
Anyway, here are things you can do right now.
1. Increase CameraViewAngleLimits numbers in \Config\View\view.lua. (You already did.)
2. If you use the TrackIR zoom, the default zoom angle will be the average of the first and second numbers of CameraViewAngleLimits. So, increase the first numbers, too.
3. If you don't use the TrackIR zoom, the default zoom angle can be set in \Config\View\snapviews.lua. See here for details.
4. Increase CameraAngleLimits numbers in \Config\View\server.lua.
I think this problem is caused by very simple error of the function and hope fixed in 1.2. But there are many simple defects still left remained in LockOn, so do not expect too much.