The PCV allows free control of the parameters below, i got it straight from their website, so yes you should be able to adjust timing some...
Retains all of the standard Power Commander V fuel control features
Allows +/- 20 degrees of timing adjustment
Map Switch Input – change maps on the fly
Adjust timing per cylinder
Raise your Rev Limit (only available on select models)
Built In Launch Limiter
I installed my ignition module on my bike the other week. I recently updated the firmware to get ready for a dyno tune and fucked the PCIII up. It was updating and half way stopped reponding. It wont let me update, change maps or start the bike. I called dynojet and i have to get a reprogramming device and reprogram the PCIII.