No, unfortunately it doesn't work that way.
When you're in Paraphonic mode, the sequencer's Para Seq can either be "off" or "on." If it's off, then the first track controls the sequence, and the oscillators rotate through all three for each note. This is actually a pretty cool effect.
When Para Seq is on, then each oscillator gets a track (1-3). However, an unrecorded track plays nothing, even when you hold down multiple keys on the keyboard.