Yes, it will.You basically need to break down and rebuilt the PVC with MFR.Here is the MFR configuraiton for FYI:http://www.cisco.com/univercd/cc/td/doc/product/software/ios120/120newft/120limit/120s/120s17/17s_mfr.htm#xtocid1672611

This URL will help you config CBWFQ/LLQ and prioritize the VoIP traffic.http://www.cisco.com/warp/public/105/cbwfq_frpvs.html

You are configuring the GTS (generic traffic shaping). You need to use "map-class" to define all the parameter for frame-relay traffic shaping.for example:map-class frame-relay cisco frame-relay cir 64000 frame-relay mincir 32000 frame-relay adap...

Here are couple from cisco site:http://cco/en/US/tech/tk39/tk824/technologies_tech_note09186a00800fbafc.shtml

Policy used to specify different classes and how the traffic will be treated in the different class. Rate-limit is just for a specific interface, no classification of the traffic. Example:router(conifig)#class-map CLASSNAMErouter(config-cmap)#match a...