I can answer.. short answer is No, the MKII does not allow this.
I just bought a Line 6 Spider V 60. I got the FBV MKII Express pedal but I returned after one day. The reason is the following:
Cannot change banks but instead an only select the four presets within a bank.
No control for looper on Spider V.
Cannot turn on/off individual effects within a preset.
I returned and bought an FBV3 which allows the following:
Display shows current preset name.
Ability to turn on/off individual effects using buttons FS1-FS5. FS1 is the compressor and FS5 is the reverb (those two are locked to those positions because of the the way Spider V works). FS2, 3, 4 toggle FX1, FX2, FX3 respectively. These switches also have color LEDs matching the FX seen on Spider V and light up bright or dim depending on effect type in each FX position on or off.