Hi Anthony,
technically speaking, you can do it all, but to me it's so much easier to identify a chord in notation form. Some external sequencers are really inexpensive nowadays and a lot of the companies have demo's you can download & try, before you buy. Powertracks is quite a good one. http://www.pgmusic.com/powertracks.htm
It just depends on how keen you are on creating styles from midifiles.

I've just gone through the whacky exercise of recording in the individual parts in the easy composer.
It's sometimes a bit of a hit & miss affair trying to use the function, as you don't really know what's going to pop up as you scroll thru. Might be looking for a string part, and in the meantime you have anything from brass to piano popping up.
I figured if I could identify the parts ie string part as being 8 beat accomp 5 no32 etc
it would save a bit of time instead of just scrolling thru all the parts willy nilly looking for strings. I'd know which numbers to dial up and audition.

The fun part now will be to try catalogue them with some sort of meaningful description . (I'm always coming up with some hair brained idea (haahaa)

best wishes
Rikki