You can do this but you can't export or save to wave in ST.
FWIW.. the way I use it is I change the outputs to different tracks in the DAW and then within the DAW I export the stems to wave tracks. Then re-import into a separate mix session for mixing. I don't have my full install, but it sort of looks like this. Different DAWs work differently, but it should be similar. Sort of like how you do Kontakt outputs. But actually much simpler and easier with IKM SampleTank.
You could also just export the master track in DAW but you would have to do all your mixing in ST which I am not sure is as flexible as using a dedicated DAW. Hope that helps.