Yes, that's the idea. I see that this model supports 4 devices. Just select one that is not being used for anything right now and enter some setup code. For example on my OneForAll Simple 4 (URC 6440) I'm using a TV setup code 2051, which is for a Samsung TV (I don't have a Samsung TV) and it works really good with Flirc. To use a TV setup code on non-TV device on OFA remote, you first need to remap that device. It's easy to do:
http://www.hifi-remote.com/wiki/index.php?title=Manual_Programming_-_9xx_Commands#.28992.29_Mode_Map_-_Re-define_a_Device_Button
(this page contains codes that may not work on your remote or work in a different way than described, you should be careful if you want to try some of them - but if they're used correctly, they can be really helpful)
As you can see, the 992 code can be used to remap device button.
From what I can see, your remote doesn't have physical device buttons, but just a MODE button which switches selected device (indicated by LED at the top). Also the Magic button on your remote is the same as SETUP in the instruction. When the linked instruction says: "TAP the "from" DEVICE, (ie, the one you are copying from)", you need to use MODE button to select the device and press magic.
So for example, if you want to use TV code on SAT device:
1. Hold Magic until you see 2 blinks
2. Enter code 992 using digit keys - if code is accepted you should get another 2 blinks
3. Using MODE button, select TV, press Magic
4. Using MODE button, select SAT, press Magic - the remote should confirm with 2 blinks
After that you can try programming 2051 on the SAT key. Hold the Magic until you get 2 blinks, select SAT and enter 2051. You should get another 2 blinks as confirmation.
If you get a single long blink, that means the remote didn't accept the command.