Downloaded the Import Patch Data for Windows (PMImport): Confirmed the process was successful as it accessed the proxy server via the settings implemented on the Console under HTTP Settings.
However, when downloading Software Updates that pull from their vendor's FTP URL, specifically Adobe Acrobat Software Updates as outlined in INFO2742, via the Patch Remediation Center; the process fails to utlize the following settings as implemented:
Download failed from: 'ftp://ftp.adobe.com/pub/adobe/acrobat/win/AcrobatDC/1500820082/AcrobatDCUpd1500820082.msp'
Found the settings appear to be ignored when passing calls through Proxy even when specifying the settings: Use HTTP settings or Use FTP settings enabled.
This issue will be resolved in ITMS 8.0 HF2 release.