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1. The drivers need to support a minimum period size of 8mS
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The period size can be set in user space. I'm not sure what sampling rate you are using, but 8 ms should definitely be achievable.
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2. The drivers need to support a minimum number of periods of 2, and with this setting must provide true double-buffering (only a 2-period delay for the output)
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Right now it looks like the driver is set to have a minimum of 16 periods (see here). You can try altering the properties to make it support 2, though. I've done that on a similar device with success.
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3. The drivers need to support a maximum number of periods of 20
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Right now the driver supports maximum of 255. See link just above.
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4. The McASP0 driver must support 48kHz only, and no other rates
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You can set this restraint in the ALSA driver configuration for you external audio device.
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5. The drivers need to support both 1 and 2-channel operation
6. The drivers need to support mono (1-channel)
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The drivers work for these configurations.