Yes. The pan settings will transfer. I actually do it all the time. If I have 6 mono tracks with background vocals I balance and pan them as I want them, mute all the other tracks and bounce them to one of the stereo tracks. All the panning, EQ, and effects will transfer just as I set them on each mono track. Now I can erase the 6 mono tracks for more recording (or bounce them to 6 virtual tracks for backup if needed later). I pre-mix stereo guitar tracks, drum tracks etc. to stereo tracks so I can not only open the mono tracks for more overdubs but make final mixing a lot easier. It's much easier to bring up one stereo fader for the background vocals when mixing than 6 mono tracks of vocals.
By the way I listened to the PoundHawks stuff. Really nice. Anyone who lists the Beatles and ELO (my two favs) is OK by me.