I think so, yes - you can snip the capacitor away and have normal single mode (or just turn down the bass which may yield a similar result). The nice thing about OMG mode is that the bass comes from the front coil and treble from the back, mimicking the split P pickup, and sounding pretty much the same IMO.
Yes, weird that they don't use the same nomenclature for that mode on the L2Ke - maybe it is different... I think a lot of confusion stems from the changes made in early versions, and the mis naming of various switches to 'bass boost' for example, describing the resulting sound as opposed to the actual function. Kind of makes sense in the wider context but bass players read that and think it's an actual boost pre.
Once you work it out, it's terrifically user friendly and great sounding. I never liked cutting treble pot on a 3 band EQ for example, but a passive tone control has a more musical response, which you don't lose on this bass.