Trailing edge devices configured to carry out multiple functions, and associated methods of use and manufacture are disclosed. An external fluid flow body (e.g., an airfoil) configured in accordance with an embodiment of the invention includes a first portion and a second portion, at least a part of the second portion being positioned aft of the first portion, with the second portion being movable relative to the first portion between a neutral position, a plurality of upward positions, and a plurality of downward positions. A guide structure can be coupled between the first and second portions, and an actuator can be operatively coupled between the first and second portions to move the second portion relative to the first portion. In one embodiment, a flexible surface can track the motion of the second portion and can expose a gap at some positions. In another embodiment, a controller can be coupled to the actuator and can be configured to direct the actuator to move the second portion to a high lift setting, a high drag setting, a roll setting, and a trim setting. In yet another embodiment, trailing edge devices on an airfoil can have scaled, mechanically similar guide structures.