You will be impressed with it. That valve is very fast and has great flow for a 2 inch barrel. With heavy (slower) projectiles, it will provide lots of kick. The valve will work great for launching spuds. I would guess it would do fine punching holes in plywood with spuds. 500-600 fps should be in reach.
Slower vales work well with longer barrels and heavy projectiles. Butterfly valves are the most common valve used in pumpkin chucking. Faster valves are needed for short barrels, smaller chambers, and higher pressures.
With your 4 foot barrel, the fast valve is a good choice.
Since the barrel screws on, I still recommend making a tennis ball / soda can barrel for it. That size is great for very fun ammo. Rolled T shirts work much better in a TB size barrel than a 2 inch.
You should be able to pancake soda cans like this.
With that valve i would not bother with a barrel larger than 3 inch.