Seems so.
I have a CP2 and a friend has a lama v3 which is 4 channel. Strange thing is the 4 channel didn't quite work with FMS so I tweaked a dip swich inside that too and it started to work. The problem I was having is that the tail channel was "digital" that is it was on or off and nowhere inbetween until I messed around with it. Come to think of it I haven't flown that chopper yet so perhaps it was set wrong at the factory. As I understand things, 4 channel transmitters tend to work out of the box with fms.
I don't know what the dip switches do of course, one of them, presumably #1 is to disable mixing. Some sort of experimentation is in order I guess.
Note that I've only tried this with the USB cable that can be bought from various places.