You can probably do what you want with the Octatrack. But it’s a very complex and deep machine. Your best bet is to download the manual and have a read through prior to deciding.
If a lot of what you read in the manual is confusing, don’t be alarmed. It takes time to wrap your head around it, and a little imagination to decide what is the best way to implement it for YOUR particular use case.
I will say this though, nothing beats getting one and trying it out.
Another option would be for you to have your bandmate setup some tracks in Ableton for you and map them to a foot controller with the Looper effect. That way you’d be in sync with what he is doing AND you’d have more functionality than just a looper pedal. If you worked it out right, it could be really cool. If his sound card has separate outputs available you could route your guitar tracks through those and back into your amp.
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