If you deal with samples, then the answer is yes.
The effects column (I verified this with you on IRC) can only hold one effect. There are some effects that combine 2 effects in one, AND you can have a limited support on the volume command.
Since you talk about pitchbending, you can pitch bend from the volume command using e and f. Which leads the effects column free to change the cutoff. This does mean you cannot use the volume for actually changing the volume though.
If you're working with VST instruments, you can use any channel to change its parameters. You just need to assign the plugin directly to that channel, and before you change the value using Zxx, you have to set SFx to the appropriate macro.