Thanks very much, but want to be sure I understand. I know Studio will handle polyphonic material, but will it allow me to work on multiple tracks in a DAW at once?
Yes, it will. And this has nothing to do with polyphonic material.
In Melodyne Studio, while you edit a track, you can see the blobs of another track in the background. Makes it very easy to adjust the timing.
Furthermore, the quantize macro lets you select a reference track. So if for example, you want to quantize Track 2 to Track 1, you open the macro on Track 2 and select Track 1 as your reference track. As simple as that.
All this can be done in conjunction with another DAW, too, since the Melodyne Bridge only takes care of the routing and transport control, while Melodyne is still running as a standalone program next to your host. So the workflow is actually the same, no matter if you are working in a DAW or not.