These settings will be applied only 2 minutes after boot is completed, as we need to wait that the external sd card has become ready in the system before applying this.
MMC readahead buffer
This will set how much more of a file the system will read than an app actually asks for, so that when the app asks for the next data, it is already available, thus winning the time to go get it on internal / external memory.
Sounds nice, first reflex, put it to the max. As you can see, I've limited the choices to 4Kb max, that is not a technical limit, but more of a failsafe against this very same reflex.
While reading files sequentially, e.g. from the beginning to the end like on MP3s or movies, more is better since we are going to read what's next in the file anyway, we want to listen to the rest of that song, watch the rest of that movie, if on the other hand the app reads randomly within a file, like a database would do, e.g. your satnav reading the map for you, it will jump reading from here to there, what is the point of reading too much ahead in this case ? Well none, you'll have your system read loads of data that the app is never going to ask for, so it's counterproductive.
As so often in life, you need to find the perfect balance, but this balance may be different depending on what you do more...
MMC I/O Scheduler
I'll keep this one short, have a look here, considering that we only have "noop, dealine, cfq, sio and row" in this kernel. I couldn't tell you more about this anyway