Thanks for your reply. Indeed I was able to set this up using two "knob" controls in Logic's Smart Control panel. I mapped one knob to control Track 1 and 3 MainLevel, and the other to Track 2 and 4 MainLevel. I inverted the scaling for tracks 1 and 2 in order to make the Wavestation joystick fade the volumes correctly. I attached a screen grab to illustrate, maybe it'll help someone else.
Incidentally, this turns CMI V into a very effective vector synthesizer. I've always enjoyed combining wildly different sounds when using Wavestation and Yamaha TG-33, but obviously they're limited by their onboard waveforms, so this opens lots of doors. I imagine you could do this kind of joystick level assignment with lots of virtual synths, but CMI V's inherent "dirty digital" sound is particularly well-suited!