This paper investigates the two-timescale design for access point (AP) mode selection and power allocation to realize the full potential of the cooperative bi-static ISAC network with low system overhead, where the beamforming at the APs is adapted to the rapidly-changing instantaneous channel state information (CSI), while the AP mode selection and power allocation are adapted to the slowly-changing statistical CSI. Firstly, the minimum mean square error (MMSE) estimator is applied to estimate the channels between the APs and the channels between the APs and the user equipments (UEs). Then we adopt the low-complexity maximum ratio transmission (MRT) beamforming and maximum ratio combining (MRC) detector, and derive the closed-form expressions of the ergodic rate of the UEs and the sensing signal-to-interference-plus-noise-ratio (SINR). A non-convex mix integer optimization problem is formulated to maximize the minimum sensing SINR under the communication quality of service (QoS) constraints. McCormick envelope relaxation and successive convex approximation (SCA) techniques are applied to solve the challenging non-convex mix integer optimization problem. Extensive simulation results demonstrate the analytical accuracy of the closed-form expressions and validate the convergence and effectiveness of the proposed AP mode selection and power allocation scheme.