Hi Andy,
Although it’s not officially supported by Wwise, there is at least one game I know that separated instruments into independent music switch containers that were triggered simultaneously from different events. Each event was played from a different game object which opened up the possibility of assigning different position and game parameter (RTPC) values. This system worked for them, but they took great care of having their content authored exactly the same in terms of segment durations, tempo and transition rules.
The other approach that’s probably simpler would be to insert your stems in the same segments, but route each music track to different busses (e.g. a bus for the drum, another for the bass, etc.). These busses positioning would be set to 2D and you would drive the X and Y positions with different game parameters (e.g. ‘Drum X Axis’, ‘Drum Y Axis’, ‘Bass X Axis’, ‘Bass Y Axis’, etc.). Set this way, it also becomes easy to set general rules per instrument for volume, LPF, effects, etc.
Hope this helps,
Simon