Question about WaveHC on an 8mhz Arduino

What sort of performance could I expect to see? I don't suppose it will play 16bit 44khz mono files? Would it play 22khz 16bit mono files?

I was thinking about using it with a 3.3V system, but I'll need a little time in between updates to update 4 RGB leds being driven by a TLC59711:

I was really hoping for 44khz audio though.