Actually, the answer is yes.

The main output is switched between the gps and vor-loc by the button
as
others have pointed out.

There is a separate CDI output that is vor-loc only. It takes the same
arinc indicator.
It is ususally not connected to anything.

When I first saw one of these I thought it was busted!! The button did
not affect the
CDI! -- that CDI was connected to the vorloc ONLY output. Seemed
wrong.

Doesn't require a separate vorloc convertor. Too bad... they are
cheaper than the
real arinc indicators.

Would be interesting to see if the indicators could be set for
different radials when
both were in VOR mode!! Seems like it should be possible.
You could use such an indicator.

Bill Hale