Seems to work OK. Here is an image of a project created from a project template containing one instance of TTS-1.
Piano is on MIDI channel 1 and audio is set to TTS-1 output 1
Organ is on MIDI channel 2 and audio is set to TTS-1 output 2
Bass is on MIDI channel 3 and audio is set to TTS-1 output 3
Drums are on MIDI channel 10 and audio is set to TTS-1 output 4
The image also shows the steps to assigning the 16 MIDI channels to the 4 TTS-1 outputs. Click the system button on the TTS-1 UI, then click the option button on the System Settings dialog to see the output assignments.
I used the drop downs in the MIDI tracks to make channel, bank and patch assignments.
I doubt whether using TTS-1 multitimbral or not is much of an issue with modern processors.