yes, it will do what you describe. You have 100% total control of the FR.
Using the parametric EQ: frequencies, boosts/cuts, Q values (wide or narrow/ notch)
Plus, phase angle, rolloff slopes, preset volumes, and others. You can adjust low pass Xover or turn it off when used with a AVR's own Xover (recommended).
There are 6 customizable presets. For example, when you make changes in the EQ'izer, you can apply them globally in "setup" mode or make them apply just to a specific preset. The same is true for all the other settings, including phase.
The way the GUI works is sort of DOS-like but is highly customizable.
As long as you stay with Manual mode and don't use the Auto-EQ modes, you can create various target house curves using Velodyne's Action, Jazz/Classical, Rock, Movie presets OR you can EQ them globally and set up #5 as your custom house curve. #6 is a defeat mode, bypassing EQ'er & settings.
I combined the use of the AS-EQ1 with the DD sub's built-in EQ'er (same as the SMS-1), leaving my 1-4 presets as they were pre-EQ1 and used #6 to bypass everything the Velodyne did so all I got was the AS-EQ1's adjustments. That way, I could do a/b comparisons. I could also have used the Velodyne system to create my own house curve on top of the AS-EQ1 by using preset 5. I just haven't taken the time to do that yet since I only setup the EQ1 between Xmas & New Years
If you didn't like the EQ1 because you couldn't adjust what it did, the SMS-1 will give you all that flexibility.
Both are excellent bass EQ systems, each has its own strengths & weaknesses. The main limitations with the SMS-1 are it doesn't EQ in the time domain (decay times), only 1 position, and the time it takes....I could spend several hrs tweaking it. It's not an auto-pilot device. It CAN be (auto-EQ) but not too many recommend the auto-EQ mode over manual; it's main use is for beginners just starting out.
I liked the Velodyne system a whole lot, it did a good job. My reasons for getting the EQ1 was to see if there was something even better & to see if an Audyssey approach would work better with 2 nulls above the Xover I couldn't smooth out with the Velodyne.