Yes, it could be set to a tempo feel, or even do a 'slap echo effect with shorter patches. But in many cases verbs can have shapes built into them that play into the timing in addition to what the predelay says. So what it 'says' may not relate.
In a more typical application though I'd be thinking in terms of smear or clarity, or sound stage depth. Have a listen to hear whether it's sounding too attached (do you want it to smear?) or not attached enough, or try to picture the back-wall it's making (if that applies for an example). Then adjust that from what the predelay says. Also remember that attached early reflections tend to pull things back, and separation allows things to have verb but remain forward.
Wayne