No it only controls how fast it opens and closes...
If it is only open for a very short period of time anyway (during shifting), then opening/closing speeds will dictate how much air will be allowed to pass in that same time.
Hypothetical: Lets say that it can be set to open or close fully in .5 seconds VS. .25 seconds, and that it will only be open, or in the process of opening or closing for 2 seconds total. That would mean that it would be FULLY open for 1 second VS. 1.5 seconds. Is that a small difference in air? Yes, maybe, but it is a difference, and a big one when it comes to fuel mixture for a metered air system with a BOV.
With an intake system of 2" to 3" pipes sometimes more than 6' long, plus an I/C, there is a lot of volume trying to escape out a relatively small opening to start with. The opening speed, time, size, and amount of that opening will effect the amount of air that can pass though.
Getting back to the original question, the 8AU is designed for an I/C, big VAM, and brown tops, and is set up to run the L.U.T.C. so you should be fine (VS. other Ford ECU's) DEPENDING on the set-up you want. If you are running a standard tranny, or don't care about the locking torque converter, go with a LA2, LA3 or PE. BTW: Look at the HP rating for the cars that came with these.
Bill