This is already implemented in the latest 1.48 firmware. It adds a parameter where you can disable the 700ms delay entirely so the switch reacts instantly. That of course removes multi-tap scene control capability as the switch won’t wait to see if you tap a second time. Scene control from single tap of the paddles and config button still works.
For tap and hold, you can adjust the dimming speed, Parameter 1 on the LZW31-SN.
If you want to adjust the actual delay- like change 700ms to something else, or change the delay between when you press/hold and when the dimming starts, that’s not currently configurable. Eric / EricM can advise if that’s in the works, although I don’t think it is.