In the current implementation however, it would trigger an active note on that step every 1/16. In your scenario, if step 5 is active, it will just be played 4 times (4/16).
Would it work with events for track playback speed then? Is playback speed supported in the event mechanism?
Events are available for the 10 track core attributes only (see labeling on the matrix rows). Track clock multiplier is not one of them.
Anyway, for the proposed "analog" sequencer usecase, a dedicated implementation model would likely be more suitable.
At a programming level, it would imply an extension to the cursor advance engine, at an interface level at least a switch selecting between "legacy" and standard play mode of a track. Nice you proposed there!