A speed controller would only reduce the throttle, you can do that yourself.
It would Advance and reduce as required, but the real advantage is quick convergence and reduced pilot workload. Remember a buff pilot had to man the guns, fly the plane, line up the target, calibrate, set salvo & delay, and drop an each target. He's a bit over loaded. If your cal speed and actual speed are off by 3-5 mph and you miss.
Then, after you slow down enough, set the manifold and RPM for the speed you want to stabilize at. You'll have to learn the settings you want to use.
yes that is the work around. But is not as easy or effective as it seems. Take a fair amount bombardier CPU time to get this dialed in.
I understand why you want it to work differently but then it would be simply a level bomber feature instead of generally useful for all aircraft.
We don't have to choose. we can have both.
I think it would be useful for planes with slow reaction times. 262, Arado, 163, all buffs. Also if you added it as a feature, and checked the number of times it was used in climb mode and level mode, you'd find the latter used much more often... by me at least.