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Not a doctor, but I did a crash course in ventilators recently and it has the main features - inspiration/expiration pressure, volume, rate, oxygen %.

UK gov also put out a document with the MVP for a ventilator, and the Tesla one looks like it will cover most of the therapeutic features.

The one thing I would worry about is software bugs in such a rushed project.

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Tesla (and SpaceX) has experience with life critical code (running vehicle powertrains independent of the rest of the vehicle subsystems; please save Autopilot critiques for another thread).

A fully validated ventilator is ideal, but if your other option is death, a ventilator that is "less than fully validated" might be preferable.

EDIT: You're right to acknowledge there might be bugs, it's important to quantify risk. You decision based on the risk(s) raised.

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