Android Question IOIO BOARD... some questions


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I need to develop a small measurament device.
At this very moment I have developed it with a Crouzet logic controller.
Now I'd like to develop the same device with cheaper hardware.

I've read the documentation about IoIo and, if I have understood correctly, the program is not running on the board but it's simply an App on the android device.
But how fast does it run?
I need to read 4 bytes of data at about 1kHz. I consider 1kHz a very slow input, it's only 4000 bytes per second. Is it possible to have that rate with a IoIo, maybe through a bluetooth connection?