>>> Using this method, is there then a way to set the song so the solo is heard only during the second chorus instead of throughout the entire song? Or would you have to render the audio and edit in a program like Garageband?

Yes. You can get control over which bars or choruses that the RealTracks play, using the Bar Settings dialog. You launch this dialog via F5 key (or Edit-Bar Settings, or ctrl-click on the chord sheet).

From there, you can Mute or Un-Mute an instrument.
For example, you could have an instrument (melody) muted until the 2nd chorus bar 9, where it would play for 8 bars. You would do this as follows.
Chorus 1 Bar 1: Set to MUTE
Chorus 2 Bar 9: Set to Normal Volume
Chorus 2 Bar 17: Set to MUTE

Since there are 7 tracks available (bass,drums, piano, guitar, strings, melody, soloist), you can have a 4 piece rhythm section, and 3 more tracks to be customized in this way, so that soloists can take turns.

Have Fun!
Peter Gannon
PG Music Inc.