Yes, you can, as long as you use the HO. Using a LO you can only use the ZO2 volume control.
So, ZO2v3 is the last revision? hmmm Then I think it is better to keep the original ZO2 I use the bypass function a lot and I still want to hear some reviews comparing the SmartVektor contour on v1 and v3. Seems that the only one that can tell us about it, for now, is RPGWizard... :P