Let me clarify: it was its brother, the T-1 that was the high end. The only differences that I can remember in the specs was that the T-4 had slightly higher internal resistance. This is not a 'high frequency' speed control, probably is around the same refresh rate as the signal from the receiver. When I ran stock 1/12, I never ran a heat sink. The controller never got hot, either. But remember, the most we had for cell capacity then were the 1700 SCRs at the time, too.
I personally wouldn't be afraid of running this controller, its pretty bulletproof. But for the first few runs, I would closely monitor the temps coming off the fets to make sure they don't over heat. I never did get a chance to test the Thermal protection built-in to that controller.