Each channel has a panning knob, the two outputs are MONO, so yes, 1+2 can go out the LH output, 3+4 can out the RH output (or any combo you prefer). Best Looper out there.
This one does…
Telecaster Thinline RI
AVRI Jazzmaster
(signal then bounces through a multitude of pedals and comes out into a Frenzel 5e3, which is basically a Fender Deluxe)