I ran a HE551V which is mechanically controlled on my 12v. Spooled at 1800RPM @ 23psi for launching at the strip, made 630hp @ 38psi. I was pretty happy.
It would "load" the engine at idle, but I don't know that it would function as an exhaust brake on a 5.9L or 6.7L. It might, but I don't see it giving as much braking force.
AS far as spooling, I think on a 6.7L it would be fine, especially with the higher gears of a F550. I had 3.55's and a 47RE, and it was OK, but would have been awesome with 4.10's.
I say try it....Only problem is the actuator harness connections are different from Dodge applications to Medium Duty....but that's not a deal breaker.
I might even have a complete HE551Ve if you are looking for one. I want to see if, and how it works.
Chris