Any specific note-dedicated effect column doesn’t have a higher value than FF and this integrity only gets more precise if you would raise the LPB.
To be honest, back in the <2.0 time, the recordings were in ticks which were recorded pretty precise (3 to 1/12th of a line). I don’t have a distinct ear in noticing 2ms difference, but for me that kind of recording was already perfect (recorded as played).
So if note-offs would be registered at 256th of a line position, this time-gap gets even smaller, even if you would play on 32bpm with 1 LPB (the only problem then will be you will run out of note-columns as there is a max of 12 per track).
Ofcourse, on Windows when using DirectSound, you will never get a proper idea of recording due to the input delay of the sound-driver, so this works only really fine with an ASIO card. On Mac and Linux these obstacles do not really exist.