OneCare integrates spyware scanning and virus scanning for the most part. There is a daily quick scan that is similar to the Defender quick scan. You can also schedule a tune-up which includes a full scan or manually run a full scan. I doubt that you will see the ability to configure your scan beyond that.
You will need to leave Tune-up enabled for a cycle of every 4 weeks at a minimum, but you can cancel if it starts at an inopportune time and then manually execute it later.
As for updates, there is no control over when to check for updates, though you can initiate a manual check whenever you want.
-steve