Thanks for the input!

When I configure the Timefactor as you suggest I hear a single repeat with more modulation added when turning the depth knob up. While I admit this is a cool sound, this is not what I was looking for.

The closest sound to what I'm looking for can be found in preset 1:2 Airplane Hanger (Multitap). However this sounds more like a noisy reverb then the sound I am looking for.