Well sort of.... but not always as it limits possibilites, it depends where you move the note to rather than its interval, but you have me dragging into the depths of my mind to try and order info I have not even thought about in over thirty years concerning "Figured Bass". Inversions In music are a multi- faceted subject depending on how much you know. For example the root note is not always used as the lowest note to be played first or last, the inversion of an interval will change it into something else etc etc. So much in music can be inverted with startling results.
But the point I was making in stating permutations and inversions is how to expand from a simple premise, again it was just an example to show how three notes can be viewed. That part is easy to grasp as inversions of a parent triad are only two, we treat the parent triad as already being present and it is not an inversion as such, it is the parent triad, so i used C and the intervals of 3 and 5 which relate to the 3rd ( E) and 5th (G) of C.
Now the bit I am trying to drag out of my depths is the of "Figured Bass" which I covered in my orchestral days, so that is where the permutations of numbers come in and are used with a single note, a sort of tab/standard notation system.
In this concept a single note was written in SN on the staff and a number or series of numbers written under it, so for a triad it would, look like a fraction 3/5, but all it tells me the inversion to be used or can be used, so 3/5 would be root from the written note with the 3rd and the 5th. Now this gave way to using inversions to change key from the same root, so 3/5 over the root would be major, but 5/3 over the same root would imply minor......maybe.
3/7 I think means a major 7th where as 7/11........ Well not sure now whether I am just inventing ideas out of the mists of time in my brain.
Now this is hazy for me, so anyone else feel free to step in and correct me on the subject of "Figured Bass" and it's use, if any to modern music.
I believe in some figured bass notation the idea was to allow the player to choose what combinations they could play from a given note by the use of numbers under the note hence the name "Figured Bass.... so it was prudent to learn all permutations of any given triad. ( I will use the word permutations so as not to be bogged down in the Symantec's of words and meanings as seems to be happening )m
Now I could google " Figured Bass" and see what comes up but I will just for my own reasons try and figure out what it was all about, like I said its over thirty years ago, and it would be interesting to see if any others have come across it, which I'm sure there will be amongst those that have studied Baroque music will testify to.
Strange I was going to write" orchestral music" but then the idea it was a Baroque thing came to me, so that puts me to thinking JS Bach for sure, Vivaldi, and Purcell as composers that would have used it.....depends when it was fashionable.
And now we have expanded to yet another idea, of valid, all from the one concept...which was what my original post was about. But in Figured bass you will need a foundation in more than just inversions of triads, you will,as I think about it, need to draw on your own ideas and experience....as sort of improvisation, but not free...more guided, but still open to interpretation by the player to influence the outcome of how it may sound and play.