After 7 months of careful deliberation we have an answer for you
The Cobra Reel uses a Thread Bullet as it's spool and that does allow you to use the locking feature on the Bullet. So yes, you can set it to release a predetermined length of thread and it will release only that amount.
We are experimenting with a Tension control module which would mainly increase the tension and also the speed. Whether or not that will be released is hard to say right now. The original intent was to decrease the tension for use with Vectra Virtuoso thread. The speed and strength of the reel can be increased currently though by simply using a lithium AA battery instead of the standard alkaline.
We've published 2 hacks on youtube, one for a timer and one for a remote control. Since then though, both the Timer Module and the RF Remote have been officially released. Here are the links to the hacks: