First it needs to be merged & deployed. Then it'd have to be configured from the Matrix side as a one-off (a bit like configuring ChanServ stuff is a one-off on IRC). You'd log in on Matrix, give the Matrix user ops from IRC, and then twiddle the settings (for which there isn't a UI yet, but will get added soon). Also, we'll be setting the defaults to be pretty conservative based on the preferences of the target IRC network admins (potentially disabling pastebins & edits & replies entirely, to minimise impedance mismatch between Matrix & IRC), so the chances are you wouldn't need to configure anything.
Splendid, this sounds exactly like what we need in our channel. Is there a specific project page/Github issue/… I can keep an eye on, so that I know when this functionality is deployed?