TIMEPROP is just a slow PWM that uses a 0-100 input to drive what amounts to a dimmer. As long as whatever drives your heater is solid state, you can switch the heater relatively quickly and get a much better control of your temperature. One Hostie built a powder coat oven doing exactly this and was able to control his temp to within a few degrees. If you are driving a relay, you can still use TIMEPROP, but you will need to choose a much longer cycle time to keep from killing your relay as fast. I wouldn't use a relay though.
I don't know what your existing temp controller uses, but it's converting the analog output from the PID loop into a discrete output in some similar manner, it's just built into the controller.