While the 147 isn't a formula board, it will do extremely well up and down wind, and with the adjustable outhaul, you gain significant control on the upwind legs (flat sail) and downwind (bagged sail). The difference being about about 10 cm of adjustment at the clew.
The AO will simply increase the sail range and keep the the center of force in your sail more balanced. In other words, your harness line balance point can be maintained between sailing in 8 knots and 18 knots of wind by adjusting the outhaul.
If you do much upwind/downwind sailing, think about adjustable harness lines too. Long for downwind and short for upwind.
Formula 160; iSonic 111; HiFly Move 105; Tiga 263; '85 Mistral Superlight.
Maui Sails TR 11.0; 9.2; 8.4; 7.6; 6.6; Maui Sails Switch 6.0; 5.2; Maui Sails Global 4.5; 4.0.