Will work as expected I guess. Just try it out and see for yourself!
Never had any issues with multiband fx or multiple flex or thru machines in general.
So it seems that splitting an input signal via 3 thru machines, and using DJ-eq to split the signal into 3 frequency bands and applying delay effects to each bands works well
What I did discover the hard way is that trying to add more fx to one band only - via a neighbour machine does add enough latency to 1 band to change the timbre of the sound, making the mix sound fairly weak!
That latency is mentioned in a topic IIRC.
Each Neighbor adding some latency.
Neighbor for each band or not! 
3 eq band isolating drums of Amen Break bar 3, crossfader on decays. iirc I finally used filter
Same principle with comb filters (one octave per band).
You might be able to use the phaser or flanger (I forget which works well for this) with the depth set to 0 and mix set to 127 as a very short delay to compensate for the latency on the bands that don’t use a thru machine (by ear), but o course that would mean one slot was taken by the Dj EQ and the other by the latency compensation so you wouldn’t actually be able to use any non-utility effects without using a thru machine anyhow.
But the phaser/flanger-as-delay trick has other uses so it’s a good one to keep in mind.
Actually, now I’m wondering what it would sound like to split a signal into multiple bands and the modulate the phase relationship of the bands with phasers/flangers with the mix at 127. Especially if the bands were summed to stereo and then fed into a reverb (outside the OT) set to full wet, and the whole thing was used as a send effect in a mix.
I’ve had people recommend patching the output of a Lexicon Vortex into a second Lexicon Vortex but inverting one of the outputs from Vortex #1 so that a bunch of phase cancellation happened in Vortex #2, but I only own one Vortex. I bet multiband phase modulation in the OT would do interesting things if I fed that into the Vortex, especially if the phase modulation was different on the left and right channels.
Interesting. Have to try that for modulated background textures…
Flanger should work.
Haha brilliant I love the way you think
I’m pretty sure flanger, phaser and chorus will all do it with the right settings, but the range of delay available is slightly different for each one. I haven’t used any of them for that in years, but for a while I was using a flanger or phaser as the delay section in a true Karplus-strong algorithm built with a flex machine, thru machinem neighbor machine and a hardwired feedback loop. It sounded great, but doing simplified pseudo-KS synthesis with the comb filer is a lot more practical and easy to control.