The way it works: In a MIDI track, create a playback region. Make sure you have the external MIDI interface selected as the output for this track. Right-click and select the new option to set a CC or PGM message, set a value to be sent, and away you go.
I have the SEND CC to EXTERNAL gear working as a test, but there are issues with editing and saving that need to be worked on (at least for the Windows version) before it will be real world usable.