This version of the Blynk library is extremely outdated. I’d recommend that you update to V0.6.1 before going any further.
And as I said before…
If you’d have spent $4 on a NodeMCU you would have been up and running within minutes of it arriving, rather than pouring hours into this Arduino/ESP-01 combination. I understand your comment about having lots of existing Arduino code, but it really is very simple to port across to the NodeMCU (certainly much easier than the battles you’ve had with this setup).
As far as wanting to try to understand the debug messages, You should take a look at this topic (once you’re running the latest version of the library)…
Pete.