That's right! The levers are attached to cams that engage set screws. You can adjust the set screws quite a bit. Right now I have them set up just like you explained, but you could set each lever to engage any or all of the strings. There's a lot of possibilities! I believe there are only 25 hyperbass' with this bridge, Michaels being the first!
I want one... Might actually make me learn to play fretless.