Basically, yes... important: you'll need to set keytracking to 32 to track chromatically and basically you can shape any of the existing waveforms to a approximate a sine wave.
You won't need two filters on a sine-wave anyway. The disadvantage to this is you can't do AM on the sine itself. But as I mentioned here before sine waves with DCOs are technically very very difficult to achieve and I doubt it will be possible even with the FPGAs...
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