No the BC ER type shocks do not have a fast and slow rebound adjustment, short of shocks costing 8K+ I don't know of any that do.
The primary shock adjustment is at the top of shock, both front and rear. Turning the knob adjusts both compression and rebound in unison across 30 steps, you can then fine tune the rebound by adjusting the valve on the external reservoir.
As far as handling and ride go these coilovers are superb. With the shock adjusted at maximum height you get just under a 1" drop (I think I measured about 0.7"), but you can drop at least another inch if desired. Front spring preload is also adjustable. Springs are slightly stiffer than stock but never feel harsh. Dampers have a wide range of adjustability. At full soft the car rides very much like stock, maybe even better. At full stiff it feels very stiff and is very resistant to body roll and weight transfer. The setting I like seems to depend most on what tire I have on. For sticky street tires I like 8 front, 5 rear. At auto-x I turn it up a bit and with NT-01 tires I used 20 front, 15 rear. The stiffer you go the less feedback you get from the chassis when it starts to brake away.
If I was going full track with this setup I would go for stiffer springs and damping to match. But for a daily driven street car that occasionally sees the track I think the default BC rates are perfect.
My only complaint would be that adjusting the ride height is a pain. Any time you want to adjust the ride height you basically have to uninstall the front shock. On the plus side though it makes it very safe as nothing can move. Oh and adjusting the front shock means sticking your hand into a hot very tight space between the top of the strut tower and the chassis brace. They do offer extenders though.
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