Yes, and that is a unique use of those commands using the Dial—the instructions to implement this are listed below.
Typically these functions are assigned to a Button, but they can also be assigned to the Dial for an unquie adaptation of who they are used.
When you set Undo and Redo to a Dial position, you can quickly move the Dial back to Undo lines or brush strokes or move the Dial forward to add them back. This makes for a super fast edit on the fly.
Open the Settings panel and then  select the application you want to assign the function to.
 Then select your My Quick Keys from the left navigation menu.
 Select the mode you would like to assign this set of functions in this case; I have selected Mode 4.
 Click the dropdown menu and  and select Keystroke.
 Click in the first field.
 Then click Clear.
 Press the keys you want to add to the first field.
I entered Undo - Ctrl+Z
You will follow the same process with the second field.
I entered in Redo - Ctrl+Shift+Z
 And then click OK
And it will look like this.
 Please know we are working on assigning custom names to these fields.
The last step is to rename the Mode to Undo Redo - this is optional.
 Dropdown the menu and  select Rename "Mode 4".
 Click Ok
|You are set.|
 It shows the new name you gave that function.