His favorite setting is '3/16', which is where the delay length is equal to 3 1/16th notes. This setting works very well if you're playing straight 1/8th notes, which Edge does often (such as 'Streets') since the 3/16th delay will fall in between the notes you play.
What guitar did the edge use on pride?
Secondly, Edge didn't use the Gretsch White Falcon to record Pride. He used it at Slane (also for their songs) to jam with. In the studio he used the cream color Gibson LP Custom.