Unless Im mistaken, you want the freewheel set to yes, otherwise it will be like having drag brakes which many find annoying.
Looking at page 4 on this link:
http://mgm-compro.com/manuals/en-man...1x-d160807.pdf It displays most of the options- the brake delay thing is quite handy, since it allows you to set the delay between you hitting them, and the brakes kicking (and how hard too). The acceleration setting is like punch control really- the longer the delay you set, the longer it takes for the motor to spool up.
I think the instructions online are better than in the manual, so it may be worth having a read to compare them- hopefully they will make more sense.